PeterN
On 3/13/2014 1:56 PM, Scott Schuckert wrote:

Scott Schuckert
In article <lfsmgb$hq2$1@nanae.eternal-september.org>, Usenet Account <nospam@invalid.invalid>wrote:

Usenet Account
http://petapixel.com/2014/03/13/calumetphoto-us-declared-bankruptcy-gave-emplo yees-zero-notice/

Scott Schuckert
RE: The negative comments about the company following the linked article. Sad for everyone involved, but it's not uncommon. Publicly talking about a possible closing guarantees you'll go over the edge; I can only assume the owners (perhaps foolishly, but optimistically) held out hope to the end.

If anyone remembers the Camera Craft chain in NY/NJ in the middle 70's, that's what happened there. I was a store manager at the time, and wound up being chased out the door by the sheriff, who chained it shut.

A couple of the managers who got wind of it the day before, basically brought vans and stole the stores empty. Far as I know, it was never even noticed.

PeterN
You hit the nail on the head. There is no way a company in poor financial condition would let the public know, unless it was forced to. Suppliers would stop extending terms; the good employees would look elsewhere; and customer attitudes would change. I was litigating a case in Bankruptcy Court and ran into the owner of a local restaurant. The man was grateful when I told him that I never saw him. Later in the week we had a fight. I told him that I would never eat in his place again if he didn't let me pay for my food. I did let him buy me a drink.

-- PeterN