Job cuts on Main Street

Small companies account for more than 40% of the nation's payroll - and as the economy worsens, their staffing cuts reverberate through local communities.

1 of 7
BACKNEXT
Expansion - and paycheck - on hold
Expansion - and paycheck - on hold
Knudsen and his wife, who helps run their business.
Kristoffer Knudsen
CEO, Copenhagen Furniture
Lakewood, Colo.

I've owned my furniture business for two years now. Two months ago, I had nine employees, but sales have dropped off so significantly that we are now down to four.

We sell furniture products from Denmark and Scandinavia that are very high-end. In the past, economic dips didn't really impact my customer base, but now, even the wealthiest customers are being cautious. We're eking by and will hopefully make it through by tightening expenses and improving the bottom line any way we can. For me, it is a good feeling to provide my employees with good salaries, so letting them go is a sad state of affairs.

I have gone without a paycheck for months to salvage the business, but all the bad news in the press and the irresponsible politics going on makes it so difficult in the retail environment. I eventually hit the limit on my credit line and couldn't secure another one.

The small staff isn't just difficult because we all have to pick up more responsibilities; not long ago, our hope was to build two or three other small showrooms in locations across the city of Denver. But now, with so few people, it is impossible to expand.

NEXT: Hard times getting harder

LAST UPDATE: Jan 29 2009 | 2:34 PM ET
Sponsored by
More Galleries
5 startups that are reimagining the world Bricks that grow from microorganisms, household garbage turned into art, three-wheeled bike-cars -- these startups are redefining urban living. More
Blue collar entrepreneurs These five entrepreneurs took their blue collar experience and used it to launch innovative businesses. More
7 lifehacks to eliminate your holiday hassle Whether curating the perfect gift or finding a pet-sitter, these startups offer time-saving services that might just seem like holiday magic. More
Sponsors

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.