Putting a Different Spin On 'I'll Be Home for Christmas'
Putting a Different Spin On ‘I’ll Be Home for Christmas’
Two companies of note bit the dust in the same week. Grafikom was part of the splitoff from Quebecor World a few years back, the non-core companies that were bought out by management groups. Word on the street is that they were fully leveraged, and now 500 face the holidays jobless. The distressing one is Leading Media Print Group. Although "only" 100 are jobless, it seems the company had enough work, but its bank couldn't provide it with any cash flow.
Terrific. With banks unable to provide sufficient credit, we've ushered in a new era of Chapter 7s that have little to do with how much capacity a printer can fill. And one Northwest newspaper had quotes from a newly-unemployed Leading Media worker talking about using his newly found free time to train in another field, because print jobs are "dwindling."
And what's the problem with the Eugene, OR, market? Koke Printing shut down effective this week, with 46 more now out of work. It used to specialize in auction brochures, but in 2008 that work dropped an alarming 40 percent. The company said it probably stayed open longer than it should have, for the sake of the employees.
Can't imagine how crappy it feels to put mass amounts of people out of work near Christmas. Sure, there's no ideal time to tell someone they need to re-examine their career...holidays just make it particularly egregious. Not that I fault Koke. But we need some good news soon.
Then Harland Clarke shuts down two facilities, 225 folks out of luck.
Maybe instead of good news, we can just get a reprieve from the bad stuff.
Man, the holidays can't get here fast enough.