While I was out (since the last post) this email appeared in my email box.
"Casey Schlatter has run The Original Ornament successfully for more than 16 years and has been working with some excellent professional business advisors. However, the current economic woes faced by banks have truly "trickled down" to Main Street and changed the equation. Retailers have been seeing lower revenues and dwindling capital reserves, while banks are becoming more rigid about their loans. Currently, even bead suppliers are making all of their clients pay for orders up front, rather than net 30 days, which was the routine payment method just a month ago. Casey has been trying to restructure a loan with the bank, but they want a major principal payment toward an unsecured loan that Casey has had for three years. A payment of $10,000 toward this loan must be in the bank's hands by October 25th. Please understand that we do have a long term plan that we are working on with the Small Business Technology and Development Center and the Town of Carrboro, but we must get through this unexpected hurdle to get there."
A group of Original Ornament enthusiasts, who consider the store a creative space as well as retail, gathered to brainstorm and given two weeks notice, their best idea was to fundraise and ask other supporters to make a contribution to the Original Ornament. (information below*) As we've read and been told again and again, the dollars earned by local business stay local and support other local businesses. I hope the Original Ornament solves their current dilemma and continues to be part of our creating our local economy.
The disappearance of Net 30 as an option, a mere two months before the holiday season rings all kinds of alarm bells in this ex-inventory-manager. I suspect that this is not the last we'll hear of small independent businesses facing a rock and a hard place between suppliers and banks both changing the rules at once. Bitch Magazine, an acclaimed nonprofit feminist magazine, ran into the same spot within the last month (and successfully raised funds to keep going.)
*To assist the Original Ornament:
Please mail or send your donation
(checks made payable to The Original Ornament) to the store at
Issues:
