Furniture Company Praised by Obama Abruptly Closes – Could Not Generate Enough Business
Maybe everything he touches goes up in smoke!
A sad story from North Carolina: Lincolnton Furniture, which was lauded by President Barack Obama as a good example of businesses creating jobs with U.S.-made products, shut its doors this week.
Citing a lack of business, the company's Chief Financial Officer Ben Causey said on Thursday Lincolnton will immediately cease operations and only a handful of people will remain on the job. From the Miami Herald Newspaper Thursday:
Owner Bruce Cochrane, a fifth generation furniture-manufacturer, formed the company in 2011 with a $5 million investment and the hope he could make a profit off people who wanted to buy furniture made in America.
It was a move that caught the attention of North Carolina officials and those in the White House. Last year, Cochrane sat with the first lady during Obama’s 2012 State of the Union Address. He also joined the president and other business leaders in a discussion about how to create more jobs at home.
While specific details of the closing were not released, CFO Causey said it was simply a case of not enough orders placed for furniture. Lincoln County officials, where the company was located in North Carolina, said it's very difficult to start up a furniture business right now.
Yet another example of how the sluggish and uncertain business climate in this country is hurting job creation and employment. They just don't get it at 1600 Pennsylvania Avenue.