By: Robert Trigaux
Source: tampabay.com
Lured by sunshine, cheap living and labor conditions, a pro-business government stance and millions of retirees with their pensions and rich stock market portfolios, North Carolina businesses are now crying foul, now that several of them have gone belly up or are experiencing low sales.
That’s the drift in North Carolina, it seems. A Charlotte Observer front page story Monday headlined “Financial Chill? Try Blaming Florida” suggests North Carolina businesses that expanded to Florida in good times now blame Florida’s economic distress for much of their own woes.
As the Observer notes, in June the North Carolina parent of Boyles Distinctive Furniture filed for Chapter 11 bankruptcy protection, citing losses at failed stores in Florida. Charlotte-based developer Crescent Resources filed for Chapter 11 last month, its worst losses in Florida. Lowe’s earlier said sales at its South Florida stores dropped by double digits in the first quarter. Auto retailer Sonic Automotive, based in Charlotte, often labels Florida a weak spot in earnings calls.
Is the Sunshine State now the Kick Me State?
