Stanley to cut 530 Henry Co. positions (Roanoke Times)
Economically besieged Martinsville and Henry County reeled again Wednesday in response to Stanley Furniture Co.’s announcement that it will cease all furniture production in Virginia and discharge some 530 workers before year’s end. Stanley plans to move its adult furniture production lines from Virginia to factories in Southeast Asia. Its Young America nursery and youth product furniture line will continue to be manufactured in North Carolina.
Shrimpers, fishermen, hotels feel oil spill’s trickledown effect (USA Today)
From Louisiana to Florida, optimism and fear among hoteliers, fishermen and tour boat captains rises and falls with the wind, which pushes the massive slick in the Gulf of Mexico this way or that — toward their livelihoods or away from them. While the national economic impact is likely to be small, economists say, the oil slick could devastate the Gulf Coast tourism and the seafood industry that had expected a rebound to pre-Katrina health this summer.
Big banks slashed small business credit lines (Fortune)
The biggest Wall Street banks slashed their small business loan portfolios by 9% between 2008 and 2009, more than double the rate at which they cut their overall lending, according to a government report released Thursday.
‘The Cat Hid My Car Keys’ – Excuses Workers Make (WSJ)
Editor’s Pick. When it comes to excuses for poor employee behavior, small-business owners have heard it all—from bad hair days for rationalizing absenteeism to faulty alarm clocks for explaining tardiness. Sometimes the excuses are part of a chronic problem, and business owners say it’s best to dish out a stern warning, punishment or even walking papers to the offending employee. Other times, the excuses come from top-notch staff, making it a more delicate situation to handle.