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Siblings Georgia, Jimmy and John Roussos have spent most of their lives working in the kitchen of the restaurant their father opened in 1954. The eatery managed to survive a hurricane and other setbacks, but it wasn't until this August that the recession took its toll, forcing Roussos Restaurant in Daphne, Ala., to permanently shut its doors.
After months of slow sales, family businesses are being forced to close, ending legacies and leaving behind a wake of sad customers and loyal employees. "Some family businesses that were just hanging on have said it's time to get out," says Dann Van Der Vliet, director of the Vermont Family Business Initiative at the University of Vermont.
About 4.3 million businesses with 19 or fewer employees closed during the fourth quarter of 2007 through the fourth quarter of 2008, according to the Bureau of Labor Statistics.
It's really sad when that happens. The small family run businesses give character to towns, and cities. We have money for wars, but not much for john And mary Citizen. It's truly cussworthy.
I answered this in the other identical thread. What I am seeing is the opposite, Car Dealers who were closed are reopening selling used cars. Former employees of closed chain stores and resturants reopening them as small businesses. Perhaps it is because I am in a military town and the job base is pretty firm but things here are getting by.
Happy Texan really is correct what he said above about Walmart, BOA and GM. Maybe some day the next generation will read in history books about what America used to be like and never ever will again.
This economic depression will continue to get worse. There is no indicators at all of any kind even hinting things will impove anytime soon.
I have been seeing chain and high end locally owned eateries close up.
However, a friend with a take out pizzeria has been doing very well as his menu is priced right and the food lends itself to feeding families.
A healthy business should have money socked away for these times, but for how long...
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