Local employers big and small feel economic pinch

Posted February 2, 2009

Employers big and small continue to feel the economic crunch.

One of the nation's largest department stores announced plans Monday to cut 7,000 jobs. Macy's has stores in Cary, Raleigh, Durham and Fayetteville. It was unclear how many of those cuts would come in the Triangle.

Glaxo SmithKline, the pharmaceuticals company with headquarters in Research Triangle Park, plans to cut as many as 6,000 jobs worldwide, according to a report in London's Sunday Telegraph. Five thousand people work at the RTP location. Specifics on the layoffs are expected later in the week.

On a smaller scale, Cary Printing, employer of 60, announced it would close after 32 years in business. Company president Tim Bannister cited economic problems for the move.

Local advertising agency RBW filed for bankruptcy Monday after 25 years in business in Raleigh. The company let go 15 workers – almost half of its work force. RBW officials hope the bankruptcy filing will allow them to shed some debt and reorganize to keep the company afloat.


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    Why would I go to Macy's to buy underware for $20.00 a pair and socks for $15.00 when I can go to my local Walmart and get the same for 5 for $10.00..... Even if we were not in a recession or ecomony downturn I still would go to get the cheaper price so I could either get more or do more of other things. Wake UP people and realize the average American does not have big bucks to just toss down the drain to support "high end" decor in your stores.... Keep it real

  • whatelseisnew Feb 2, 2009

    I would be very tight on lending money. I have said for months now we will see double-digit unemployment. All the things so far that Government has done, has only served to make the problem worse. I hope that crazy bill in front of Congress gets shredded and never sees the light of day.

  • veyor Feb 2, 2009

    By the end of the first quarter there will be a storm of bankrupcies and closings. By the end of the second there will be an avalanche - IF THE BANKS DON"T START LENDING TO GOOD PEOPLE!!!

  • seeingthru Feb 2, 2009

    not many people here can afford to shop at Macy's not really surprised to hear that

  • Carolina Girl 99 Feb 2, 2009

    It seems that GSK is always laying off as part of some continued plan to streamline processes. They always word it so nicely. No more blockbuster drugs & a bad economy = bad mix.
    I really hate to see a local business like Cary Printing going out of business. They are nice local folks.

    No one believed me when I said that we are heading into a recession 2 years looks like it is only going to get worse.