Meadowcraft Jobs on the Line in central Alabama

I agree the Federal government cannot mandate that a bank, even one that has received TARP money, extend financing to any specific company…… During these tough economic times, it is essential to give American businesses every opportunity to succeed. I urgently request that you provide your personal attention and consideration to the requests of Meadowcraft, details of which are enclosed with this letter. Your attention to their economic crisis could help save over 1300 good paying jobs in rural Alabama.

The owners of Meadowcraft believe that their lender has dealt with them in a wrongful manner, and that the bank's refusal to finance is a deliberate strategy to force liquidation. That claim is a serious one, if there is a factual basis for it, and the Treasury Department should use its oversight authority to assess whether an entity that has received substantial government relief is acting in such an unlawful manner. To the extent you have the legal authority to investigate such a claim, I forward Meadowcraft's correspondence to my office to you. While I applaud the concrete steps you and the President have taken to reverse failed policies that nearly wrecked our economy, I hope that Meadowcraft will serve as a reminder that more action is needed to save good manufacturing jobs from devastation.

The mayor said he was told company officials allegedly told employees to sign up for unemployment compensation and laid off all the security guards, and brought in a security firm to ensure nothing happened to its assets. Wadley Police Chief Tim Terry verified the company asked for an officer to be at the location and visible on Friday morning when the checks were scheduled to be handed out.

“The banks have really been squeezing us for about four weeks now,” CEO and Chairman Sam Blount said. Despite that, Blount said a resolution was reached March 26 with the banking groups. “I've been in this business for 29 years – almost 30 years – and the company has never been in a stronger position,” Blount said. “We're ahead of last year; I'm shocked at how well we're doing this year.”

"I had a conversation with Larry York and he said on Tuesday night Meadowcraft met with creditors and was given more time," Dabbs said. York is vice president of administration for Meadowcraft, the parent company of Plantation Patterns. However, the situation seems to be changing quickly with news the plant may close by Friday. Plantation Patterns employees are taking matters into their own hands to save their jobs, gathering names on petitions about keeping the facility open. They plan to fax the signed petitions to U.S. representatives and senators to try save the company and their jobs.

"We were ready and willing to go but we were instructed to hold up to further notice. We were not given any details," [Brenda Thompson] said.

With only hours remaining to prevent the loss of 1,300 Alabama jobs, an alliance of labor and community leaders will rally in Roanoke Thursday in a desperate bid to stop Wachovia/Wells Fargo's planned Friday liquidation of Meadowcraft, Inc. The Birmingham-based Meadowcraft, which manufactures outdoor furniture at factories in Selma and Wadley, has been in Chapter 11 bankruptcy since March. Both the company's operators and the workers' union, the Retail, Wholesale and Department Store Union (RWDSU, UFCW), say that, with added time, the firm's current management can arrange financing to purchase Meadowcraft. However, Wachovia / Wells-Fargo has refused to continue to provide the funding necessary for Meadowcraft to operate until its sale is completed. The closing would cause the immediate loss of 1,300 Meadowcraft jobs and others at area retailers and suppliers. CONTACT: John Whitaker, RWDSU, (205) 901-9532 WHAT: Rally to Save Meadowcraft Jobs WHEN: 9:00 AM, Thursday, July 23 WHERE: Participants will g