Tuesday, October 21, 2008

Economic Downturn Hits Rhode Island

Scott Brass, a manufacturing plant located in Cranston, closed their doors for business, ending the jobs of 50 workers.

They stated that a “precipitous drop” in the price of copper reduced the value of the company’s inventory and made it difficult to obtain needed credit. Their bank: Wachovia

They are trying to get funding from another bank source, but for now, the business is closed. They were one of my customers from way back.

Also in the news today, Rhode Island's unemployment hits 8.8 percent, the worst in the nation.

It's already started, folks.

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