Here's a news story I stumbled across today: Mass. company responds to decreased demand for personalized stationery by cutting 70 jobs
NORTH ADAMS, Mass. —
The Massachusetts company that makes paper for U.S. currency has laid off 70 employees in its personalized stationery division in response to a drop in demand for the product.
Officials at Crane & Co. also announced Tuesday that the roughly 200 remaining employees in the division would take a 9 percent pay cut.
Chief Executive Charles Kittredge called the layoffs "extremely difficult."
He says in a tough economy people do not have the discretionary income to buy personalized stationery.
Fifty of the eliminated positions were in Crane's personal design services facility in North Adams and 20 cuts were at the company's factory in Dalton.
The company, founded in 1801, also makes currency and passport paper, and water filters.
It doesn't surprise me at all that people are cutting back on personalized stationery... but what about all the increased demand they'll be getting for paper as the Fed prints more money?