Companies Leaving Michigan – “Comeback State Fantasy of Fiction”

1 comback-forbes-on-snyder The list continues to grow as companies are leaving the state closing their doors or filing for bankruptcy. The rhetoric coming out of Lansing doesn’t match the reality. People are still struggling to find full time employment as to make ends meet for themselves and their families and the bad news continues.

The signs are not good all around our state and businesses will go where they feel they can best prosper and it’s not here in Michigan. When you have third world country roads because our legislators continue to “steal” our road fund dollars for other state spending purposes plus the fact so many municipalities and school districts are going under emergency managers what else can we expect.

Below is just a very small sample of companies that have left and we are not counting the ones that have either went out of business or have filed for bankruptcy protection. Some have merged with other businesses as to try and keep afloat (ACO & Ace Hardwares) but with the direction our legislators are taking the state it’s just a matter of time till they to will fail. A1 ACO_Ace_Hardware_320_240

By giving huge tax breaks to big corporations all for corporate campaign donations to those we elect to serve us “We the People” (under the guise of economic development and job creation) and leaving the small business owners to fend for themselves while balancing these favorable tax breaks on the backs of the working middle class, poor and small business owners it’s a recipe for failure. 3 PulteGroup

Pulte’s Atlanta Move Stuns State, Business Leaders and Politicians
The PulteGroup said it will relocate about 325 Michigan jobs for the new headquarters in Georgia. Employees who do not make the move will receive severance packages.
http://www.freep.com/article/20130531/BUSINESS06/305310055/PulteGroup-Bloomfield-Hills-Atlanta

Medical Supply Company Leaving Michigan for Tennessee
The Canton offices and production facility of a medical supply company will close this fall and 145 people will be laid off as it expands operations in Tennessee. 2 Bankruptcy
http://www.freep.com/apps/pbcs.dll/article?AID=2014304110111

Coldwater Creek Files for Bankruptcy, Stores to Close
Michigan loses yet more jobs as another business goes belly up! Michigan has 12 Coldwater Creek stores and all employees will be affected.
http://www.lansingstatejournal.com/viewart/20140411/BUSINESS/304110031/Coldwater-Creek-files-bankruptcy-protection

Companies Lay-Off Thousands, Close Stores, Affects “Michigan Workers” 6 a-tsunami-of-store-closings-layoffs

A Tsunami of Store Closings and Layoffs
I’ve been posting and reporting this for months now while some choose to blow off my reports even going as far as saying the economy is doing much better! 

That day of reckoning, some say, has arrived, with one retail watcher predicting a “tsunami” of store closings this year.
http://www.detroitnews.com/article/20140308/BIZ02/303080019

Hewlett-Packard Expands Job Cuts by another 5,000
The computer company will eliminate 5,000 more jobs than originally planned, bringing the total number of layoffs to 34,000 by October. Hewlett-Packard employs thousands of workers here in Michigan.
http://www.bizjournals.com/albany/morning_call/2014/01/hewlett-packard-expands-job-cuts-by.html Diapers & Food

RadioShack to Close up to 1,100 U.S. Stores
The Company didn’t immediately identify which stores will close or how many jobs would be affected. A call to the company, based in Fort Worth, Texas, was not returned Tuesday afternoon. RadioShack employs thousands of workers here in Michigan.
http://www.detroitnews.com/article/20140304/BIZ02/303040046/0/BIZ02/RadioShack-preps-ax-up-1-100-U-S-stores

Staples to Shutter 225 stores
It’s is unclear how many jobs will be lost or what locations will be shuttered. The company did not immediately return a call from the Associated Press early Thursday. Staples employ thousands of workers here in Michigan.
http://www.detroitnews.com/article/20140306/BIZ02/303060051/0/BIZ02/Staples-shutter-225-stores-sales-move-online

Denver-based Quiznos to file for Bankruptcy
Quiznos operated about 5,000 restaurants at its peak in 2008, but the count has since dropped to an estimated 2,100 worldwide, including 1,400 in the U.S. 10 Quiznos

There are numerous Quiznos restaurants located throughout Michigan that employ thousands of workers. Quiznos is the second-largest submarine sandwich shop chain in North America, after Subway.
http://www.denverpost.com/business/ci_25241309/quiznos-preparing-file-bankruptcy-protection

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China Benefits from Michigan Taxpayers with our Lansing Legislator’s Help

Taxpayers Lose Again, Fisker Automotive Sold to China’s Wanxiang
Wanxiang bought Fisker’s battery supplier, A123 Systems LLC, last year through a similar bankruptcy sale. A123 and Fisker were both recipients of a controversial U.S. Department of Energy loan program meant to support clean energy technology. Michigan taxpayers also suffered dearly when the quasi UN-elected MEDC give away tax dollars to A123 Systems in taxpayer funded subsidies.
http://www.reuters.com/article/2014/02/18/us-fisker-wanxiang-sale-idUSBREA1H1LM20140218Snyder-China_GuvOffice

Michigan‘s A123 Systems Files for Bankruptcy
State Battery-Plant Subsidy was a “Risky Venture” from the onset with several economist warnings. The Michigan and Government-funded battery maker files for bankruptcy after receiving $249.1 million federal grant money (taxpayer dollars). A123 Systems received a $100 million “cash subsidy” (taxpayer dollars) from the state of Michigan for a 75-acre facility the company had leased in Romulus.

The subsidy was in the form of cash because the plant had been granted “renaissance zone” status by the Michigan Economic Development Corp. This is yet another in the long line of failures of the Michigan Economic Development Corp. an entity that should and must be abolished as to cut the size and scope of Michigan Government and save the taxpayers money!
http://www.michigancapitolconfidential.com/13557

A123 Systems won another $125 million in tax credits and incentives from the Michigan Economic Development Corp in spring 2009 and a $10 million cash grant from the state in fall 2008. Just move along nothing to see here Michigan Taxpayers just more of our tax dollars down the drain courtesy of the “failed” Michigan Economic Development Corp. (MEDC).
http://www.annarbor.com/business-review/a123-systems-no-assurance-it-can-continue-to-operate-as-a-business-filing-says/

China’s Wanxiang Corp. Bought A123 Systems now Fisker
http://www.bostonglobe.com/business/2014/02/18/will-purchase-hybrid-car-firm-make-player-auto-industry/PrkLDrmgtN8UJR2mRdEv6J/story.html

Wanxiang Group Buys American Battery Maker
Michigan taxpayers ponied up a plenty in subsidies for this failed battery maker that was purchased by China’s Wanxiang America Corp.through the “failed” MEDC.
http://www.nytimes.com/2013/01/30/business/wanxiang-group-buys-american-battery-maker.html?_r=0

Wanxiang buys A123 systems
https://www.google.com/#q=Wanxiang+buys+A123+systems

Fisker’s assets to go to Wanxiang
Along with the wreckage of A123 and countless other “stimulus”-driven financial black holes the Chinese have acquired, the government in Beijing and citizens of The People’s Republic thank the United States for both borrowing money from China and then using it to buy assets it sells back to them at pennies on the dollar. Well done Michigan Lawmakers and the “failed” MEDC along with our lawmakers in D.C. more government for everyone!
http://www.autonews.com/article/20140218/OEM05/140219858/fisker-wins-approval-to-sell-assets-to-chinas-wanxiang

Bankrupt Fisker’s assets to go to China’s Wanxiang
https://www.google.com/#q=Fisker%27s+assets+to+go+to+Wanxiang

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