The economic slowdown affects family-run, local businesses as much as it shakes publicly traded companies. A pair of long-time establishments announced closings this week:
- Modern Metal Products, an auto parts supplier dating to 1946, filed for Chapter 11 bankruptcy. The company expects to shut down; it found a willing buyer, but the buyer was able to arrange financing to complete a sale.
- John Wilson Sporting Goods, a Cedar Rapids-based retailer also in business since 1946, is closing its doors at the end of the year. Current economic conditions prohibit the owner from signing a new lease. Sadly, owner John Wilson is quoted as saying, "I can't see somebody wanting to start a locally-owned sporting goods store."
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