Prime Choice Foods Files for Bankruptcy in Bristol
In another blow to Bristol snack food maker Prime Choice Foods, once touted a "rural success story", has filed Chapter 11. The company makes mainly organic corn chip products under various labels.
This is another "born again" company that moved into a closed operation. Taking over the Terry's Potato Chip plant in Bristol Virginia. To quote public records,
In October 2006, Mount Rogers Planning District Commission in Southwest Virginia approved a $150,000 ultimate recipient loan to Prime Choice Foods from its Intermediary Relending Program revolving loan fund provided by Rural Development.
This $150,000 investment leveraged $1,850,000 in other funds obtained from the Virginia Governor's Opportunity Fund, Virginia Tobacco Indemnity Fund, City of Bristol, and First Bristol Bank.
The purpose of the loan was to acquire an existing commercial warehouse for storage and distribution of snack foods and to provide corporate office space for a growing company.
In other words resurrected with tax dollars the same old jobs. They are working with Heritage Equity Partner of Maryland to sell the firm or get capital, but the press report is strange:
"The company is in need of working capital to support growth and we are exploring many possible scenarios to solve this problem, including new money, either debt or equity, a joint-venture partner, or a going concern buyer."
If the company is doing so great and just needs capital for expansion why not go to a bank? I smell a corporate welfare check and the proclamation of 100 new jobs. They only employ about 35 but what's a few orders of magnitude when it comes to crony capitalism and big press releases?
Ref. BHC July 2, 2014.
- Predominant Face of American Poor is White and Liberals Ignore It
- Poverty is not about Race It's Economic and Social Policy
- Born Again Jobs and a Shrinking Tri-Cities Labor Force
- Prime Choice Foods Files for Bankruptcy in Bristol
- What 70 New Jobs at Columbus McKinnon?
- Another 100 Jobs Lost in Bristol Virginia with College Closure
- Bristol Metals fires 290 Workers
- 240 Phony Jobs and Corporate Welfare for Heritage Glass
- Bristol Raising Property Taxes to Pay for Corporate Welfare
- Caterpillar Plant Closure Costs Pulaski County 240 Jobs
- Arch Coal Fires Another 213 Workers - It's the tip of the Iceberg
- High Cost of the Non-Profits Industry
- Bristol Spends Millions for Jobs - Gets Nothing
- Raise Minimum Wage in Bristol
- Crime is Up Across Wise County Virginia
- 58 Meth Convections Illustrate Problem in Tri-Cities
- Jails and New Laws Won't Stop Meth Epidemic
- Tobacco Commission Failure Once Again in 2014
- New Tennessee Law Protects Constitutional Rights
- Letter on Liberal Racism
- Tri-Cities Unemployment Up 2013-2014
- Fourth quarter Job Disaster in Tri-Cities Bristol Virginia-Tennessee
- Poor People the Big Loser in Appalachian Economics
- 'Good Old Boys' Rake in Millions Thousands Struggle in Bristol
- Poverty Wages Class Warfare in Bristol Virginia-Tennessee
- Cost of Living Versus Income in Bristol Virginia-Tennessee
Mass Immigration Killing the Working Poor Here Too
Immigration reform will cause even more misery for the working poor as an additional 22 million more guest workers over the next decade will further displace native born low-wage workers and already have in East Tennessee and Tri-Cities. Low-wage black workers have been driven out of the labor force across the nation by immigration and the same thing is happening to poor whites in our region as employers hunt for more cheap-exploitable labor.
In fact this has been recommended to business as a way to lower labor costs in the tourist-retirement related industries this region is promoting. Simply put they want to bring in even cheaper labor to displace the working poor that already dominates our private sector labor market. The working poor are ignored and marginalized already and so the system of social apartheid will continue to flourish.
- Immigration Plague
- Hispanic Welfare Class Won't Vote Republican
- Class Warfare - American People Versus Ruling Elite
- For Sale - Buying American Immigration Policy
- Illegal Immigration Plagues East Tennessee
- Texas - Elsewhere - Immigrants Take Most New Jobs
- Illegal Aliens take jobs from Blacks in Alabama