A North Carolina based high-end furniture maker has been forced to close THREE of its plants due to rising interest rates that have become emblematic of so-called “Bidenomics”. Workers at three Mitchell Gold + Bob Williams plants were surprised to find paper notices tacked to entrance gates and doors when they showed up for work Monday […]
Audio
Finance Woes Force NC Furniture Maker To Close Up Shop
A North Carolina based high-end furniture maker has been forced to close THREE of its plants due to rising interest rates that have become emblematic of so-called “Bidenomics”. Workers at three Mitchell Gold + Bob Williams plants were surprised to find paper notices tacked to entrance gates and doors when they showed up for work Monday morning.
The company’s interim CEO apologized in a letter for the abrubt nature of the shutdowns, blaming the current state of the U.S. economy. He also wrote that the Company had -quote-“ recently and unexpectedly learned that we are unable to secure critical financing to continue business operations.” Higher interest rates have made it harder for many company’s to service their debt, and limited their ability to invest in long-term growth.