During the last few months of the Obama administration, the State of New Jersey witnessed a spate of business closures. While many businesses were forced to close their doors in the name of fiscal austerity, others did not. A good many of the latter, primarily due to the pandemic, did not make it back into the fold. In fact, in the words of a recent survey, nearly half of the businesses that closed last year failed to reopen in the following year.
Shutting the Doors of a Failing NJ Business and Walking Away
In fact, if you’ve been following the latest news on the topic, you might not be surprised to find that the business formerly known as the Dayton Mercury has already filed for bankruptcy. Among the latest victims of the state’s downturn are Aurolife Pharma, the company’s parent company, whose Dayton plant will soon be closing shop. The company was once a pharma juggernaut, but it’s been hit hard by the recession and the pandemic. Aurolife is reportedly laying off 99 employees at the earliest. It’s no wonder that Aurolife is looking to make hay while the sun shines. Go here : https://www.scura.com/blog/shutting-the-doors-of-a-failing-nj-business-and-walking-away
Of course, the fact that a company is going out of business should not be construed as a blessing in disguise, but rather an opportunity to learn from the experience and move on with your life. The most recent data on New Jersey’s economy indicates that the state is on the cusp of a recovery, but that’s not to say that the state will recover in a flash.