Without Any Notice
Tim Hortons made the move to close all of its stores in Rhode Island, Massachusetts, and Connecticut this week. That's a total of 36 stores in New England that are no longer up-and-running.
Tim Hortons is reporting that the New England stores didn't perform the way they expected them to, losing $4.4 million. A press release was issued stating the following:
“The stores in Rhode Island, Connecticut, and Massachusetts, weren't meeting the company's expectations.”
This, of course, is another blow to New England's economic recovery. Thousands of dedicated employees lost their jobs, and the move comes at a terrible time of the year, right before the holidays. With even more people now out of work, unemployment will remain at the forefront of obstacles facing the newly elected officials.
There is the flip side, however, the old adage that “business is business.” A lot of companies seem to make job cuts at year's end, which is one of the worst times of the year to do it. In this region, Dunkin Donuts rules the market, and it's hard for any competing business to overcome them.
If I could ask a question of the Tim Horton's executives, it would be “if you know what your market share is in this market, why not operate within those parameters?”
Yes, Tim Hortons attempt to expand their business provided the jobs, but it's cruel when companies have to cut jobs to shore up their bottom line. It is always the little guy that ends up paying in the end!
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