This is a terrible ending.
Meck wasn't able to find private investors willing to step in.
Now, lets think about Muffin trying to make a case that the auto industry could have found private investors...
112-year-old Pennsylvania apparel maker to close
One of the last U.S. apparel manufacturers of its kind is losing its shirt.
FesslerUSA had survived war and depression, free trade and foreign imports, producing millions of knitted garments from its base in eastern Pennsylvania. Five years ago, third-generation owner Walter Meck and his family were feeling so good about the company's prospects they doubled capacity, moving into a former pencil factory outside the small town of Orwigsburg.
They were still setting up shop in the new place when the Great Recession hit.
Sales plummeted. Financing dried up. And, after a long struggle to keep the manufacturer afloat, Meck has finally run out of time and money, still awaiting the strong economic rebound that never came. Production will shut down in early November, tossing 130 employees out of work and ending a run of nearly 113 years.
"We're not even on life support any more," the downcast CEO said in an interview on the floor of his cavernous factory, ominously quiet on a recent workday.
Meck blames the historic mill's demise on weak consumer spending, fresh competition from Asia, tighter credit standards that he said prevented Fessler from getting a desperately needed loan, and a lack of interest from private investors and potential buyers.
more:
http://www.nbcnews.com/business/112-year-old-pennsylvania-apparel-maker-close-1C6874050#/business/112-year-old-pennsylvania-apparel-maker-close-1C6874050
DO SOMETHING!
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