The Obama Un-Midas Touch … 11 Months after Obama Praises US Lincolnton Furniture Company at White House – Company Goes Belly Up
President Barack Obama “UNMIDAS” touch continues. Talk about your irony, another company heralded as an example of Obama job growth goes bye-bye.
When will these companies ever learn not to have a photo-op with the anti-business, anti-capitalist president, Barack Obama? Just 11 months ago Obama praise the US furniture story, the Lincolnton Furniture Company and it’s owner Bruce Cochrane, as an example of job growth and the economy making a come back. Cochrane even sat with the first lady during Obama’s 2012 State of the Union Address.
However, that was then and this is now … the failed job recovery and the Lincolnton Furniture Company has gone the way of the Do-Do and belly up. How ironic, less than one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy. Get used to it America, you reelected him.
Lincolnton Furniture Company closed abruptly Thursday just one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy.
Furniture-making operations stopped indefinitely and only a few people will remain employed moving forward, company financial officer Ben Causey said.
“I don’t know where it’s going to go exactly; we’re still evaluating our situation,” Causey said. “We just didn’t have any choice at this point.”
The company was not receiving the orders it needed to sustain its operations, Causey said.
“We needed more orders is really what it boiled down to,” he said. “We thought they would materialize.”
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.
Had the Lincolnton Furniture Company been a green energy company maybe they would have been given tax payer subsidies to survive. Then again, they would have failed as well like the Solyndra.