There will continue to be unimaginable fallout from the economy. It's very sad that companies such as Waterford are affected. Maybe the employees can negotiate a leveraged buyout, but if the debt is unmanageable, I don't see how it would be a viable option in the long term.
It just goes to show how much of our global community relies on credit to function. I don't think it's healthy. I agree that it is necessary to get a company off the ground and to assist in it's early stages of growth, but it is ultimately as destructive as if a citizen builds their life with a heavy load of debt.
I am so grateful that I am currently employed with a private company that will be wholly owned by it's employees over the next 8-10 years and that we have no debt. We are strictly a cash flow company. Although that doesn't guarantee it's survival, it sure gives the company a lot more protection from the current crisis. Because we also deal primarily in food and private label specifically, we actually are doing better in this economic crisis. I really hope that we our country, and the world, can solve this situation so that we can start rebuilding soon. It's heartbreaking to see so many people losing their jobs, homes, savings, etc.
