{"id":608,"date":"2009-03-20T10:03:00","date_gmt":"2009-03-20T14:03:00","guid":{"rendered":"http:\/\/blogs.northcountrypublicradio.org\/inbox\/2009\/03\/20\/credit-crunch-threatens-north-country-retail-fixture\/"},"modified":"2009-03-20T10:03:00","modified_gmt":"2009-03-20T14:03:00","slug":"credit-crunch-threatens-north-country-retail-fixture","status":"publish","type":"post","link":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/2009\/03\/20\/credit-crunch-threatens-north-country-retail-fixture\/","title":{"rendered":"Credit crunch threatens North Country retail fixture"},"content":{"rendered":"<p>Sensitivity over credit and businesses&#8217; ability to repay loans is threatening Hacketts department stores, a North Country retail staple for almost two centuries.  According to the Watertown Daily Times, <a href=\"http:\/\/www.watertowndailytimes.com\/article\/20090320\/NEWS05\/303209942\/0\/NEWS\">Hacketts is struggling to pay back<\/a> a $5 million credit line it has with Wells Fargo bank.  Hacketts CEO Norm Garrelts says the bank called in the loan unexpectedly.<\/p>\n<p><span><\/p>\n<blockquote>\n<p>&#8220;It&#8217;s like your local bank asking you to pay back a multiyear mortgage in four months,&#8221; said Thomas W. Scozzafava, CEO of Seaway Valley Capital Corp., Hacketts Stores&#8217; parent company. &#8220;We don&#8217;t want to have to continue repaying them.&#8221;<\/p>\n<p>Losing its line of credit with Wells Fargo means no new inventory can be purchased until Hacketts finds another bank, Mr. Garrelts said.<\/p>\n<p>&#8220;We have to get some spring inventory in here soon, or we&#8217;re in trouble,&#8221; he said. &#8220;Sales have been slow.&#8221;<\/p>\n<\/blockquote>\n<p>Yikes.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sensitivity over credit and businesses&#8217; ability to repay loans is threatening Hacketts department stores, a [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[10],"_links":{"self":[{"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/posts\/608"}],"collection":[{"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/comments?post=608"}],"version-history":[{"count":0,"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/posts\/608\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/media?parent=608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/categories?post=608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.northcountrypublicradio.org\/inbox\/wp-json\/wp\/v2\/tags?post=608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}