Originally Posted by Xrated1
I dont get it!!, A fifty plus year old company that is known in the industry as a leader, goes through what, 4 maybe 5 months of "hard times" and all of a sudden they are bankrupt. What gives here? Not to pick on Crane but seems this exact thing has happened alot in the past month or so.
The problem with many of these small to mid range companies is how they operate. Quite a few lost big money from investments that was out of their hands but catches them up anyway. I have witnessed dozens of small firms up here in Ontario simply shutting down with little notice.
Many also operate on credit lines which in the past was nothing to even consider, not anymore. If your firm doesn't have big time collateral or a AAA credit line your likely to lose your working cash. Add to that slumping sales and Crane like many other companies become insolvent almost overnight.
Banks don't give a rats behind who you are. If your going to be leveraged they would be happier if you went elsewhere.