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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 11, 2008
Page
9
Fifty three percent cut back on holiday spending as rising unemployment and tight credit depress the economy. Lower earners trim gifts more, while higher earners hold back. Only 20 percent use credit cards for holiday shopping amid a weakened retail outlook.
Ford Motor Co built a $23.5 billion credit package by pledging buildings stock and its blue oval logo to banks in 2006. The move helped Ford avoid federal loans as GM and Chrysler sought government aid, with cash on hand totaling $18.9 billion and $10.7 billion in credit lines remaining.
Lance Inc based in Charlotte, NC, will restart operations next week at the former Archway cookie plant in Ashland, hiring 50 to 70 staff and paying average wages of about 15 per hour. About 300 employees lost jobs after Archway filed for Chapter 11 in October. Each former employee received a $1500 Visa gift card at a meeting at Ashland High School.
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