A profound failure of an industry to adapt – click the image below for the full story. For a good look at the role adaption plays in corporate life I would recommend Tim Harfords book Adapt.
More here – The Wall Street Journal
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These guys got 10 years to adjust
I used to regularly visit a village in Austria with it’s only significant employer Faber-Castell. They had a factory there, producing recession proof slide rulers. Within the on-set of pocket calculators, followed by the first generation of computers the company was forced to close the factory within 18 month. 100% unemployment within 2 years in that industry. That’s speedy obliteration!
What caught my eye with video stores was that peak employment was 1999. I would have thought that it would have been earlier.