Tootie Pies bankrupt in Texas, despite a 300% increase in sales over the past six years. Ironically, the bankruptcy is about taking on more debt financing: “We had no choice. Now, we are going to be able to move forward and get more capital infusion.”-Leslie Doss, newly appointed CEO
Baby killer Endicott Interconnect (they make electronics for the U.S. Department of Defense) now bankrupt. Court documents show the company spent the previous year paying out $18-million USD to current and former ‘insiders’. Company officials said they were paying back loans.
In California, TaskRabbit laid off 13 people by outsourcing their jobs, despite claiming strong growth. The University of the Pacific’s McGeorge School of Law laid off nine employees. It’s blamed on continuing declines in student enrollment. In Irvine, a Ralph’s grocery store closed. 51 people unemployed.
Honeywell lays off most of its employees in Goose Bay, South Carolina. About 320 of the 429 employees got layoff notices! It’s blamed on U.S. Department of Defense spending cuts.
The Batavia Route 31 Burger King in Illinois shut down. The owner said the store never did do well. In Decature, 173 employees of Tri-R construction company were told they could be unemployed, because of a lost contract!
In Ohio, the 165 years old Chancellor University shut down. It’s blamed on years of mergers resulting in accreditation and financial problems. Ace Hardware closed its Perrysburg Township distribution center. About 100 jobs affected!
In Nebraska, adult only store Basic Tease Boutique closed: “I can’t compete with the internet.”-Tamara Heasler-Webster, owner
A Golf Mart closed in Virginia. It’s the fourth store the owner has closed, he blames the bad economy.
In New Jersey, it was announced the Deptford Kmart will close by the end of September. 65 jobs lost.
FirstEnergy in Pennsylvania, wants to shut down two coal fired electricity generating power plants. 380 jobs affected!
In New York, 40 years old Pumpernickle N Pastry closed. The owners blamed increasing state taxation without proper representation!!! FedEx closed its East Meadow office. The office was in a bad location, even employees said they had a hard time seeing it from the main street.
YoYo Joe’s toy store shut down in Delaware. The owner blames the internet.
Shaws Supermarket closed six grocery stores in Massachusetts and Rhode Island: “The stores identified have not been profitable for quite some time, and despite the best efforts of the company and our associates, we have not been able to reposition them to better compete in the marketplace.” They closed five stores in 2011.
In Maine, 121 years old Parks Hardware closed. The owner blames many things for the downward trend in the U.S. economy: “I can see where the transition is happening. I kind of sat down and analyzed things for years to see what the trends were.”-Lin White Jr