Lear Company Goes from 1,200 to 0 manufacturing jobs in Carlisle

The bad news keeps coming.

The Lear Company was a major employer in Carlisle for decades. It was formerly Masland, which made carpeting. A few years ago, it employed 1,200 people. Now, it was announced that the last 150 jobs will be eliminated.

http://www.pennlive.com/news/patriotnews/index.ssf?/base/news/122352811580000.xml&coll=1

A couple months ago, it was announced that Mack Truck's large headquarters would be shut down in Allentown. They are merging administrative operations with their parent company in North Carolina.

Many car dealerships have shut down and many more soon will. They can survive one or two bad years, but not 3 in a row.

Many businesses can't get financing for their own inventory or for their customers to buy their products. Existing lines of credit that businesses relied upon are being cancelled, even for businesses with excellent credit.

In my area, we are also seeing many churches close. Many were struggling, but now heating bills are putting them over the edge. My local charity thrift shop even had to shut down.

Delisting could mean challenging situation for Rite Aid
By Jessica Bair
10/10/2008

Should Rite Aid Corp.'s common stock be delisted from the New York Stock Exchange, it could find itself in a bit of a pickle.

Rite Aid warned its shareholders that if the price of its stock does not improve, the company's shares could be delisted from the NYSE. The move would require the Cumberland County drugstore operator to repurchase or refinance some of its debt - in this case, some of its convertible notes, which could require additional financing.

"We can give no assurance that we would be able to obtain such financing, on favorable terms, or at all, or that we will be permitted to repurchase the convertible notes under our other debt instruments," the company wrote in a statement filed Oct. 8 with the U.S. Securities and Exchange Commission.
http://www.centralpennbusiness.com/article.asp?aID=68828