1.01.10....IT HAPPENS...Concentric Contraction Begins...
December 07, 2009
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WHEN YOU LIVE IN A NATION THAT PURSUES ZOMBULATION.......AND THE CITIZENS ONLY FOCUS ON PROCRASTINATION AND NOT ADVOCATION......PRETTY SOON FEW HAVE ANY ASSETS LEFT FOR CONFISCATION
Swing Zone Family Fun Park, the miniature golf course off U.S. 70 between New Bern and Havelock, has closed its doors and filed for bankruptcy.
The business is in debt in the “$500,000 range,” owner Randy Straight said in an interview Sunday. Swing Zone closed on Dec. 1, and bankruptcy papers were filed Friday, he said.
Straight, who moved to New Bern from New Hampshire, first started thinking about a family-oriented park concept six years ago. He opened Swing Zone in March 2006, and has been waiting for it to hold its own ever since.
“I’ve never done anything like this,” Straight said. “We opened almost four years ago, and two years ago, we said we’d give it a little more time and see where things went. But we couldn’t tell how long, if ever, it would be before it would make money. We poured money into it for as long as we could, but we are at the point that we have to cut our losses.”
Straight said he hopes to find a willing buyer for the property, which includes an 18-hole miniature golf course, batting cages, a paintball field and a playground for toddlers.
“There are three mortgages against the property, and we are hoping those will be satisfied,” he said. “The rest of the debt is unsecured, and that will probably go unpaid.”
Straight said Swing Zone had six employees, including his son, Chris, who was the full-time manager. The rest of the workers were “college or high school kids,” he said. He said the employees were told in November that they would not be working, at least for a while, in December, because the business would undergo remodeling.
Ultimately, however, Straight said the figures indicated he needed to close.
“We are just another victim of the economy,” he said. “Carolina Colours was supposed to have more houses by now. And who would have thought that SkySail and Bridgeton Harbor would be in financial trouble, too?” he asked.
SkySail and Bridgeton Harbor are two major Craven County developments whose financial troubles have led to a bankruptcy filing and a potential foreclosure, respectively, each unfolding just a few days ago.
“I spent 6½ years and a huge amount of money on this project, but just could not afford to go through another winter and further into debt,” Straight wrote in an e-mail sent to friends and business associates. “I appreciate your loyalty and support the last few years, but it is now time to move on.
SOON IT WILL BE TIME FOR MANY TO MOVE ON AS SMALL BUSINESS, THE DRIVER OF JOBS AND OUR ECONOMY GET SMALLER AND SMALLER.........
WASHINGTON (Dec. 6, 2009) While the federal government’s relatively upbeat employment report for November is fueling optimism among restaurateurs and other businesses that the economy might be turning the corner, another study states that job loss continues to be a problem for small business owners.
Even more, small business owners have told the National Federation of Independent Business that job cuts will continue in the next three months, with the main culprit being reduced sales and profit margins that will not support job growth.
“The largest impediment to new hiring is weak sales,” said NFIB’s chief economist William C. Dunkelberg. “Since January 2008, more owners have reported lower sales — quarter over quarter — in every month, mostly by double-digit margins.
“The consumer is the key to job creation,” he said. “When businesses have more customers, they will hire more workers.”
According to the National Federation of Independent Business’ latest survey, released last week, small businesses reported a November decrease in average employment per firm of 0.58 workers during the prior three months. That result is about even with October’s average loss of 0.52 workers, and less than May’s average deficit of 1.26 workers per firm. All NFIB figures are seasonally adjusted.
In November, nine percent of small business owners said they hiked employment by an average of 2.3 workers per firm, and 21 percent said they reduced employment by an average of 4.2 workers, the NFIB reported.
“The job generating machine is still in reverse as November’s report represents the 22nd consecutive month with more small business owners reporting employment declines than employment increases,” Dunkelberg said. “Sales are not picking up, so survival requires continuous attention to costs — and labor costs loom large.”
http://www.nrn.com/article.aspx?menu_id=1368&id=376680#ixzz0YzPASwTySOON YOU TOO WILL UNDERSTAND WHAT CONCENTRIC CONTRACTION REALLY FEELS LIKE....WITH THOUSANDS OF BLOGS AND COMMENTS, YOU HAVE TO ADMIT, ALSTRY HAS TRIED TO WARN YOU IT WAS COMING.....AND GIVEN YOU MORE THAN A FEW DIFFERENT ACTIONALBE IDEAS ALONG THE WAY
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