Forfeiture of Carolina Furniture Mart blow to manufacturing industry in North Carolina


More jobs lost, more companies closing, is hurting North Carolina and many other states and Barack Obama and the democrats keep on spending like crazy. If all the unemployed vote against the democrats that are responsable for this mess they would make up a big bloc of voters. Lets clean out Congress in November and the White House in 2012!

Vornado Realty Trust is opting to forfeit a 2 million-square-foot furniture mart in High Point, N.C., to holders of its $191 million securitized mortgage.

Furniture marts are showcases where manufacturers and wholesalers display their wares for retailers and other buyers.

Vornado started skipping mortgage payments earlier this year as the High Point property’s cash flow no longer covered its interest costs.

The forfeiture is another blow to the manufacturing industry in the Carolinas. The region’s textile and furniture industries have suffered from low-cost, overseas competition. SOURCE

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