Yup. This chart was sourced in 2019 and has been pure money. Single-family threw in the towel over the summer, Multi-family housing capitulated this fall.
Posted on 11/26/2022 7:03:43 AM PST by ChicagoConservative27
A big US furniture company this week fired all of its 2,700 employees while they were sleeping, telling them in texts and emails not to come to work the next day, according to reports.
The mass firing on Tuesday by United Furniture Industries, which makes budget-friendly sofas and recliners for Simmons Upholstery, left thousands of employees including truck drivers and factory workers in North Carolina, Mississippi and California unemployed just two days before Thanksgiving.
(Excerpt) Read more at nypost.com ...
You seem to be ignoring demographics. How much of the post-2019 decline in employment is due to young people sitting around on their asses in tent encampments, and how much is due to older people simply retiring?
I agree.. but far too many people I know don't have a clue as to how bad it REALLY is.
As my mother used to say... "those are the ones who have to run through the fire and get their butt burned before they realize what's going on."
Next will be RVs and boats.
Did they invest in FTX?
Americans would rather buy a table MADE IN CHINA, for $35 than a table made by Americans for $75. We have a beautiful bedroom set that was made in Maine. All solid wood very heavy. The company been out of business for 35 years, but it looks brand new...
“Let’s Go Brandon!”
That says it all.
They bought a competitor but they shut down months later. My business manager professor would say the board is a bunch of morons.
This needs to be done to this bloated corrupt government, to the tune of about 500,000.
True... As a retire marine salesman (I sold boats until 1993, when the family owned business closed due to recession and retirement), I still need the get the boat trade paper (which is getting very woke) and I think you’ll see more layoffs in the boating/RV industries in the next 2 to 4 years. Winnibago just closed down their marine business a few months ago...
“the housing market has killed multiple industries.”
Wrong!
The COVID hoax has killed multiple industries.
Do you think if that email had originated in the daytime that its impact would have been better?
Shrieks, people falling out, cursing, etc. While this was going on, all the computers had been locked out. They said grab a box, clean out your desks, please don’t steal or vandalize on the way out
A e-Mail may have been better. To be fair, Gateway provided a payout based on your time there, at 6 months, I got three months pay.
I assume they were badly cash-flow negative, but was there nothing worth saving?
Covid. Many companies have been struggling since 2020 due to covid shutdowns and were already having going concern issues. High interest rates, inflation, labor shortages due to government paying workers covid emergency funds to stay home and not work long after the pandemic was over has really hurt the economy.
With the Biden economy, a lot of these struggling companies are going to get wiped out as the economy tanks post election.
The company did the workers are big favor. They know they are in trouble before the shopping season so they don't overspend during the holidays.
All of these furniture companies closing rapidly and giving no reason for it makes me think of farming lands and food production companies recently closing and then revealing they were purchased by China. Those little Chinese feet get a toe in the door, next thing you know everyone is speaking Mandarin.(And LIKING it)
I’ve read that some Chinese officials have maps in their offices with pins for the remaining US manufacturing facilities in industries such as textiles and furniture and others. They have strategies to gradually force them out of business and replace them with Chinese products, and then remove the shuttered plants’ pins from their maps.
The correct term is stagflation.
Yup. This chart was sourced in 2019 and has been pure money. Single-family threw in the towel over the summer, Multi-family housing capitulated this fall.
Follow the money, always follow the money.
They just bought out a competitor, then they sold out of inventory, cashed out basically, and now will declare Chapter 7.
What I would be looking for is the previous owners, or a new corporation that formed with them and a few investors and key employees, will buy up the assets at $.10 on the $1.00 and reopen it under a new name. They will even probably still be in the same building but without all the debt over their head and a list of all current distributors, suppliers, contacts and assets plus their old competitors assets that will hit the auction block now as well.
Watched it happen not more than 6 months ago with a long time parts manufacturer / machine shop up in Indianapolis. Owners ran the place down, sucked every penny of cash out, closed the doors, and at the auction the family went in and bought the real estate for half what it was valued at and any and all decent equipment on the floor but let the junk go, creditors took a huge bath.
I can see this happening here easily as well.
Well I have been trying to find a light green and light blue sofa for months.
Nothing out there except a sea of gray
No one wants to make competitive products any more.
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