Friday, June 12, 2020

Getting Out

A company called 7-Sigma was one of the thousand commercial properties burned out during the Minneapolis riots. They are leaving.

They won't be alone. It's happened before with similar results.

“They don’t care about my business,” said Kris Wyrobek, president and owner of 7-Sigma Inc., which has operated since 1987 at 2843 26th Av. in south Minneapolis. “They didn’t protect our people. We were all on our own.”


Glen Filthie said...

All the corporations are falling over themselves to say how much they love black people. I’d love to see them back that up by investing in vibrant communities by opening up shops in them...


Ed Bonderenka said...

Great idea Glen!
But I here Target will not be rebuilding the 175 stores they are closing in the wake of the riots.

Beans said...

A lot of it is... the evil bankers and insurance companies.

See, bankers like to make money. Evil bastiges. So they won't write loans (because big businesses actually don't have rooms of cash to spend) to businesses located in dangerous areas.

Same with insurance companies. They'll charge out-the-wazoo for anyone they trust who tries to reopen in the affected areas. Or they won't write insurance at all. No insurance, no mortgage. No mortgage, no insurance.

This will affect a lot of businesses that won't be able to rebuild or move into the burning zones, even if the businesses want to rebuild or open.

It's that whole evil capitalism and conservatism at work, putting the poor people down. Dangit (snicker, snicker, snorker, snort.)

Will be interesting to see what measures the affected cities take to try to encourage businesses back. Bribes? Public backed loans? Promises? Blackmail?

What isn't being reported is the number of small businesses that effectively were wiped off the face of the earth because their insurance won't fully cover, or cover at all due to civic unrest, restocking, let alone rebuilding their business.

And who will be most affected by this all? The people who up and burned their own neighborhoods. The poor. The subsidized housing people. Which will just cause even more unrest in the future, especially once it gets cold.

How may grocery stores, food stores, mega stores were lost? How far will people have to travel to buy food now?

Recovery won't be for a long time, over 10 years, if going by the riots in LA and other places in the 60's, 70's and 80's.

libertyman said...

Real estate will be cheaper in some cities, there goes that lifetime investment. That manufacturing company didn't just provide jobs, it created wealth, now they are leaving.
Who would locate a business in the cities anymore? Do people need big offices now that we have to stay at home? Lots of unintended consequences from the virus and the riots.

The Freeholder said...

Beans, the next time the Democrats are in power they'll fix all that. Just like they fixed home loans a while back, and with the same consequences.

Murphy(AZ) said...

There are a few companies that will reopen, just not in the riot cities. Companies like 7Sigma will relocate, and though they will offer to keep current employees, they will probably not foot the bill to relocate them. 7Sigma survives with new employees, Minneapolis adds to their ever growing list of unemployed.