[BobNJ1960]

Originally Posted by JayCT

Who says manufacturing can not make it here in Connecticut. This woman started her company 40 years ago in her kitchen and now has more than 300 employees. And she keeps expanding. What a great story. Jay.

Carla's Pasta Expanding Operations (Again) In South Windsor - Courant Community

Thought of your post when reading about the shocking 2021 bankruptcy sale of Carla's. It makes sense covid crushed them as their customers were largely restaurants with private spec orders. I hope, long-term, they retain a Ct presence. At bankruptcy time, they were down to 140 employees.

The property was pledged apparently as collateral for loans.

[BobNJ1960]

Connecticut Post not giving up. That is very good news. Politicians better get their act together to not block the mall from avoiding disaster.

https://patch.com/connecticut/milfor...oChG0Ao7Nl4M6A

[JayCT]

Originally Posted by BobNJ1960

Thought of your post when reading about the shocking 2021 bankruptcy sale of Carla's. It makes sense covid crushed them as their customers were largely restaurants with private spec orders. I hope, long-term, they retain a Ct presence. At bankruptcy time, they were down to 140 employees.

The property was pledged apparently as collateral for loans.

I’m not sure why you thought or even would remember a post I made almost four years ago. I think I am flattered that my posts are so memorable. Thanks.

It’s sad that this has happened to this company but there are many similar business failures across the country due to the pandemic. It’s sad that their creditors aren’t being more lenient and understanding in this difficult time. Jay

[BobNJ1960]

Originally Posted by JayCT

I’m not sure why you thought or even would remember a post I made almost four years ago. I think I am flattered that my posts are so memorable. Thanks.

It’s sad that this has happened to this company but there are many similar business failures across the country due to the pandemic. It’s sad that their creditors aren’t being more lenient and understanding in this difficult time. Jay

I interviewed there well before 2017, btw, , and never knew they existed until a recruiter arranged it. I knew immediately it wasn't a good fit for either of us, but still find their business success so rapid, intriguing.

I can't blame creditors here. Their debt to asset ratio was absurd. They would never be able to pay it off. Covid no doubt tipped them over, but they were playing a risky game. The expansion IMO was way too large an investment to make. They were doing under $200 million a year in revenue before covid struck. You do NOT take on dozens of millions of new debt with that revenue. Bigelow was far less risky in investing, and if you notice, even with covid, they are doing just fine.

A repeat of the 2009-2011 economy would also have pushed Carla's to bankruptcy IMO based on the debt and revenue, as they were dependent on the restaurants buying from them continuously thriving.

They took a ton of PPP money. Even that wasn't enough. I hope they maintain a Ct presence for years, and are able to maintain a healthy % of the 140 jobs they had when sold. I also hope they stop being simply family managed, as I think external leadership will lead to healthier financial decsions.

[Pomelo]

Originally Posted by JayCT

I’m not normally a conspiracy theorist but I find it highly suspicious that so many regional banks were declared insolvent. People in the banking industry at the time said it was pretty evident they were out to get the smaller institutions. Banks that were solvent but did not meet very high standards were folded and their assets taken over by large banks. They were given these banks. Why were they so willing to give large banks breaks but not assist the smaller ones over a rough time?

It’s also a problem of technology allowing near infinite scaling creating such low marginal costs that it’s simply impossible for smaller companies to compete on price, especially for commodity goods like consumer banking. It’s true in many, many other businesses too where you see a few companies dominate 90% of the market.

[CTartist]

This article is interesting

States with the lowest and highest average retirement savings.

#1 CT (the highest)

"Where you live could factor into how much you’re able to save for retirement. Inconsistent state tax laws and burdens and costs of living play a major role in retirement savings averages, although the analysis did not adjust for these differences, Dabit explained."
https://www.yahoo.com/money/states-w...182927748.html

So if the taxes are so high in CT and they take all of our money (like many on here say) how does CT end up #1? Maybe things are not as they seem.

[SteveM85]

Originally Posted by CTartist

So if the taxes are so high in CT and they take all of our money (like many on here say) how does CT end up #1? Maybe things are not as they seem.

Who says that?
It just means Nutmeggars are really good at saving for retirement. It has nothing to do with taxes. Mutually exclusive.
Everyone knows taxes aren't taken out of traditional retirement savings acoounts until you withdraw. Roth contributions are pre-taxed so withdrawals aren't taxed after age 59.5.

[BlackRocker]

Originally Posted by CTartist

This article is interesting

States with the lowest and highest average retirement savings.

#1 CT (the highest)

"Where you live could factor into how much you’re able to save for retirement. Inconsistent state tax laws and burdens and costs of living play a major role in retirement savings averages, although the analysis did not adjust for these differences, Dabit explained."
https://www.yahoo.com/money/states-w...182927748.html

So if the taxes are so high in CT and they take all of our money (like many on here say) how does CT end up #1? Maybe things are not as they seem.

Not really a gotcha, imo. People contribute to retirement to avoid taxation.

[robr2]

Originally Posted by BlackRocker

Not really a gotcha, imo. People contribute to retirement to avoid taxation.

Or to have money to live on upon retirement....

[Stylo]

Originally Posted by BobNJ1960

Connecticut Post not giving up. That is very good news. Politicians better get their act together to not block the mall from avoiding disaster.

https://patch.com/connecticut/milfor...oChG0Ao7Nl4M6A

I’d like to see the proposed image. The article keeps mentioning it but never shows it.