View Full Version : Tough Times for PTR

June 26, 2015, 05:56
Looks like they are having a hard time paying the rent and the county wants it's $73,000 in back rent:



PTR Industries put ‘on notice’ by Horry County for $73K in late rent
PTR Industries owes Horry County more than $73,000 in back rent. The plant is in the Cool Springs community near Aynor.

PTR Industries owes Horry County more than $73,000 in back rent. The plant is in the Cool Springs community near Aynor. | Janet Blackmon Morgan MyrtleBeachOnline.com file photo

By Charles D. Perry and Jason M. Rodriguez

PTR Industries, the gunmaker that made national headlines by moving from Connecticut to Aynor in 2013, risks losing its local headquarters because the company owes Horry County more than $73,000 in overdue rent, according to public records.

However, some Horry County Councilmen are simply pleased to have the once-vacant building occupied with jobs for area residents, and are willing to work with the gun manufacturer.

County officials sent a default notice to PTR on June 10 stating that the company had 30 days to pay its rent or the county would retake the building the company leases in the Cool Springs Business Park.

“We’ve come to a point in time where we’ve actually put them on notice that we’re looking at exercising our rights under the lease agreement to recover those arrearages,” said Arrigo Carotti, county attorney.

The letter states that county officials have tried to work out a payment plan with the company but haven’t received any payments since March 23. Horry leaders remain open to negotiating a repayment plan, but the notice stresses that the company must address the matter quickly.

“So it’s come to a point in time where we need some definitive action taken on their part,” Carotti said, adding PTR has responded to the county’s letter, but would not get into detail about the letter because it deals with contractual matters. “The county is not at the point of saying we’re going to evict you and that’s it. If the county could work something out with PTR, that would probably be our preference.”

Josh Fiorini, chief executive officer for PTR, could not be reached for comment Thursday.

PTR, which manufactures military-style rifles, abandoned the Nutmeg State when lawmakers there enacted new gun policies. Connecticut leaders passed that legislation in response to the Sandy Hook school massacre in December 2012. The company’s move generated national attention and Gov. Nikki Haley was on hand to welcome PTR to Aynor. It prompted Horry County to offer incentive money for the company if it met employment goals. The goals have not been met and the incentive money has not been issued, said Mark Lazarus, Horry County Council chairman.

A sharp decline in orders for PTR rifles forced the company to trim its workforce last summer.

This is the second time the county was prompted to reach out to PTR for late rent. County officials sent PTR a notice Jan. 30 informing the company that it was four months behind on rent. Including late charges, the bill totaled nearly $52,000.

When PTR moved to Horry County, the company promised to create 145 jobs over three years. But as the industry evolved, gun distributors were left with warehouses full of guns they needed to move. That meant fewer orders from manufacturers like PTR.

The company’s struggles worsened in April 2014, which saw the lowest revenues since Fiorini’s family acquired the business in 2009.

Lazarus said the county has been working with PTR through the process of trying to catch up on rent this time around.

“We have concerns,” Lazarus said. “The gun industry, as a whole, has gone through some tough times. No question about it. From their high days, back when PTR moved here, gun sales have really diminished tremendously.”

PTR’s strategy, Lazarus said, was to find some niche markets to sell to and they found them. Eight employees who were laid off in the past were brought back to the company and remain there.

Horry County Councilman Gary Loftus, who is also a member of the Myrtle Beach Regional Economic Development Corp., said having a tenant in the business park is something positive he sees above the late rent.

“I’m concerned for PTR, regardless of what happens with the county, one way or the other,” Loftus said. “I don’t like to see things fail, especially when they have several Horry County people working for them.”

“Unless we have a tenant ready to move in... we’re getting something out of that building, and something is better than zero, which we got how many years before that? As far as the county is concerned, I don’t think it’s that much of a concern for us other than they’re not doing what they’re supposed to do. If we get 10 grand a month out of it, what did we get two years ago?”

Lazarus agreed.

“This whole thing is about a building that was sitting there vacant for about 12 plus years, and this is about creating jobs that are at a wage level that are higher than average, which is what is taking place there,” Lazarus said. “At the same time, they’ve got to pay their bills.”

Along with its county bills, PTR has struggled to pay some of its vendors, according to court records. Judgments and lawsuits state that the company owes more than $80,000 to four businesses.

Loftus said someone should have known about any outstanding debt the company had before moving here.

“One would think the [Economic Development Corp.]” would know, Loftus said.

Lazarus said the vetting process is not to blame because a lot of the debt came after PTR arrived.

“Our vetting process was very strong,” Lazarus said. “We did a background check on them. I reviewed their personal financials and corporate financials. They have some assets up in Connecticut. They didn’t have any liens against them or bad debt at the time. All this has happened since they got here. Our vetting process was like any other company that we look at. We do background checks and we do financial records checks and that’s what we did with them.

“Everything was good. When they moved here, everything was solid. They were rocking and rolling, and unfortunately, the gun industry as a whole went down tremendously... The bottom line is they still have the employees that they started with, and they still have contracts and they’re making payroll.”

Lazarus said worse case scenario -- if PTR had to leave the area -- the county would experience some unemployment, but would be more prepared for a new tenant to move in.

“If PTR was to leave, it’s still our building,” Lazarus said. “It’s more marketable today than it was when PTR first got here because of what has been put into it... Hopefully we’ll see better days. We just don’t know yet... As our fudiciary responsibility to the citizens of Horry County, we need to make sure we’re getting our rent, too. That’s why they’ve been put on notice.”

June 26, 2015, 08:17
PTR screwed their own supply/demand and market price strategy. They should have kept prices high, say $1400 plus, instead of mass production for rifles that RETAIL under $900 through CDNN. They have a premium product, one of the most popular designs in the world, a good reputation for quality, and no direct competition, yet they dumped the product on the market.

June 26, 2015, 21:34
Missing payments to vendors and landlord to the tune of $150,000 dollars in brisk market but from what I see prices have to be super competitive to attract the customer currently. Not a good sign. The word I hear is to expect several companies to close doors in the near future. When you see some companies product being deeply discounted with retailers across the board continuously offering some manufacturers product for super low prices while others have extended lead times and prices are still high it's almost easy to guess who is not going to make it. Of companies I buy from a few have moved into smaller spaces, cut employees, dropped price of product and going around their established retailer's to sell product seems to indicate grim outlooks. There are a few manufacturers that from Sandy Hook till a year ago were running two and three shifts and answered the tech support phone lines that now don't have tech support people and selling product to people like me who is not a retailer, an FFL or even in the gun business parts at prices that have to be less than cost if buy quantity times must be tough for them. Have some items that cost me $150 from retailer a year ago that can buy direct for $30 if buy quantities is a bad sign. When people drop prices and bypass their established distributors generally it's a sign of trying to keep lights on for one more month. Seen these same symptoms in many different industries over the years and generally precede a number of them closing the doors.

Some manufacturers never showed signs of adding facilities or employees during the panic, their delivery times just increased and most of those are still working with waiting lists. The ones that moved into bigger facilities, added equipment and employees are ones that seem to be hurting. If no military contracts to keep a good steady demand, many are floundering. Why I keep buying parts that are super deals as once the weak get weeded out the prices for parts will have to go back up as selling for less than cost of manufacture doesn't last long as a business model. My guess is going to see about half these companies making $39 retail AR lowers and such have to shut down allowing the survivors to raise prices back into the profitable range. When that flip happens we won't be buying receiver sets under $100 bucks or $99 barrels anymore. Only unknown is what the Chinese companies with their code will do. If Chinese companies can undercut the American companies that survive the Walmart mentality of the American consumer may kill our on shore gun builders.

June 26, 2015, 21:50
No, China can't export military style weapons to America thanks to Klinton. I'd say most of these companies are going under due to a shortage of buyers with disposable income. Unemployment is at least 20%.

June 26, 2015, 22:00
PTR has had, for lack of a better word, a tumultuous history since it's founding with various changes in ownership and turnover of staff. While I congratulated them for moving from CT and keeping their word, I was also concerned that it would be yet another upheaval that would cause issues. I've had my issues with my rifle in regards to quality which has required 2 returns and like last fall, several people had problems with rust in barrels. Also the decision they made 5 years ago to deviate from traditional G3 chambers and fluting still plagues them online as misinformed people will blowhard about how that's still an major issue when it was long ago rectified by the GI models.

I hope for the best for them. I like the rifles a lot and will buy more over time. The fundamentals are there but I think it's getting settled into consistency of production, quality control and experienced staff.

Probably one thing I see with PTR is they really need to get out and do some marketing, perhaps sponsoring some shooters in rifle competition, making better use of their social sites and things like youtube and doing other targeted marketing efforts. I also think they need to work harder at getting their rifles out on the market in gun stores. Here in PA, this is a big state with lots of shooters and you can't find these rifles anywhere. I had to buy online. We now have 2 dealers in PA, one was out of stock when I visited last year.

June 26, 2015, 22:24
No, China can't export military style weapons to America thanks to Klinton. I'd say most of these companies are going under due to a shortage of buyers with disposable income. Unemployment is at least 20%.

Not weapons, bolt carriers, bolts, stocks, front sight blocks, sights, upper receivers, springs, pins, triggers and all the bits and pieces that are fancy scrap metal not guns. Like Burris PEPR mounts all say "made in china" and now PEPR knock offs can be purchased for half of Burris price.

June 29, 2015, 11:14
PTR screwed their own supply/demand and market price strategy. They should have kept prices high, say $1400 plus, instead of mass production for rifles that RETAIL under $900 through CDNN. They have a premium product, one of the most popular designs in the world, a good reputation for qualitySounds like the business plan for Arsenal in Las Vegas. LOL. GARY

June 29, 2015, 13:34
Have been in manufacturing business since 1983 and done two retail ventures of which one is still running. Yes, a company can stand firm on pricing and slowly watch customers switch to another vendor or product as many can't see the difference. I know people who claim to be gun collectors/shooters that think a Chinese SKS with a plastic stock and rail sporting a Bushnell red dot is or WASR with the black plastic stock covered rails are every bit as good as a S&W M&P 15 VTAC or Colt LE6920 SOCOM. For that matter what's the difference between a early model Springfield or Fulton M1a with G.I. parts versus Poly Tech's and Norinco's? There is a huge difference but I regularly see posts or hear people at range or LGS who believe their all the same just the well known companies are gouging the client extra for their brand. If enough people began to believe it that Springfield sales dropped in half you would see them do what Colt and Smith have done, bring a slew of price point models to the gun store racks to compete.

I have seen people buy the cheapest rope available for rock climbing because they look the same. The most affected in the climbing market are shoes. A good pair of climbing shoes cost less now than did 20 years ago. Quality shoe companies started outsourcing to Asia and as soon as the factory finished their run, they made another 10,000 pair using same last and design just cheaper fabrics and rubber then go turn the market inside out.

Sometimes a company like Oakley or Starbucks can hold their price up and keep enough business to survive. Others can't always do that. Like my $400 CETME. Had I seen a $1,200 version on the rack last week would have picked it up and looked but would have gone back on shelf. For 399.99 out the door with tax included I rolled the dice on the monkeys building it while just buzzed and not falling down drunk. Turns out my impulse buy was lucky as done the rip it apart, inspect and shoot and apparently it was built by the monkey who had run out of beer money for the week.

While I would rather have a HK91 or PTR those prices are not an impulse purchase. When the gun business slows down, market is saturated and there are all kinds of cheap options, some companies if on financial teeter - totter and need to get cash flow up quickly sometimes cutting price is only way to clear inventory and make payroll. Yes, it's an end game play usually signaling eventual demise, sometimes trying to keep the doors open another month seems like a better option than locking the doors. We're going to be seeing a lot of doors.closing unless another panic ensues.

June 30, 2015, 05:12
If I can scrape some money together, I would buy another PTR. Maybe the 7.62 x 39 model. I would rather spend my money with PTR then Colt. I like Colt. But I know Colt will be bailed out/bought and I will still be able to buy colt later, not so sure about PTR.

June 30, 2015, 07:52
$13,000 a month rent? That seems rather high. And what is a county government doing involved in real-estate deals?

PTR has generally a good product but the management have always been scum - defaulting on their debts is how they make a profit.

June 30, 2015, 10:48
$13,000 a month rent? That seems rather high. And what is a county government doing involved in real-estate deals?

Its one of those public/private investment business parks. An effort by the local govt to create facilities and offer the numerous incentives discussed in the article to attract businesses that will employ the locals.

This scenario is precisely what the case Kelo v new london was about. The scotus allowed the local govt to condemn a lot of homes people lived in and didnt want to leave, to facilitate a bunch of rich guys getting even richer under the guise of creating jobs for the local community.


Just like this business park seems to be faltering, so have many, many others, including the one at issue in Kelo.

June 30, 2015, 12:31
They could just close the doors and go to the Bowery in Myrtle Beach.

June 30, 2015, 14:49
$13,000 a month rent? That seems rather high. And what is a county government doing involved in real-estate deals?

PTR has generally a good product but the management have always been scum - defaulting on their debts is how they make a profit.

$13,000 a month is not out of line for even a moderate manufacturing facility on East Coast. Around here going rate seems to be about a buck to a dollar and a half per square foot according to facilities. The PTR plant in Horry county is 58,000 square feet. Currently rental rates are down but national average is about 45 cents per square foot per month for manufacturing/warehouse space and about 90 cents per square foot per month for office. Most facilities are a mix of both and what is called the "blended rate" runs 60 cents per month per square foot. California, New York and other places are much higher. Backwater Kentucky would likely be much lower but as been considering putting my building up for rent and moving into a smaller space have gotten figures from three different agents and all have been close. If say entire PTR facility is manufacturing/warehouse at 45 cents per square foot should be paying $26,100.00 so they are paying about half national average which is a deal. From what I read were given a super deal with tax incentives and such to bring jobs to the community and some rent on an long term unoccupied building. They claimed were going to add three more products to their line with increased space.

So $13,000 per month rent is small potatoes. I can't imagine their insurance. I pay $1,000 per month in liability insurance which I am now the only full time employee. When wanted to add guns onto policy it was going to raise that another $2,100. Asked agent why so much and said suppose someone takes gun I make into elementary school and manufacturer is named as one of the defendants in the civil suits that ensue? Suppose some brain surgeon who is running his first batch of reloads through gun I made blows his hand off? He is going to swear they were factory loads and it was my guns fault. Even if win in court going to pile up a million or so dollars in legal fees. I have seen three of my direct competitors lose their businesses and homes in past 15 years due to no liability insurance. Don't think you can hide behind an S-Corp or LLC. Those just add a day or two for the opposing counsel to pierce your corporate veil. Seen it with my own two fuzzy eyes. I won't take a piss without insurance to cover it.

Now for my rant: (if you own a business there is a nugget or two that may save your @$$ in here)

Reason I have a machine shop at all is the local Siemens plant that makes electric window motors for Chrysler/Dodge moved plant to Mexico. Had opportunity to talk to the German guys in Suits as to reason for move. Assumed it was cost of labor but real reason was cost of OSHA and EPA compliance. They were spending 3 million per year in one plant to keep current with OSHA and EPA regulations. If have a single employee you have to maintain same safety standards as a Fortune 500 company.

As a business with employees we have to maintain MSDS sheets on all products used. If have a five gallon can of mineral spirits better have an MSDS sheet in your files to help mitigate a spill or employee getting in their eyes. If you take an employee to hospital due to carburetor cleaner in his eyes, better have the MSDS sheet in your hands for the doctors. If you have the MSDS for a five gallon can of mineral spirits and buy a 55 gallon drum better find the sheet on the drum as its likely different for quarts, gallon, five gallons and drums. How you handle a spill on a gallon is different than a drum. I have six sheets on some products. Same for anything you keep in bulk including duct tape or masking tape. If someone inhales smoke from your tape catching on fire supposed to have the information on hand to treat.

If OSHA walks in your shop and picks up can of product X and asks for MSDS Sheet better have it. Same with products A,B,C,D,E,F,G..... I have a lot of paint, the MSDS for a gallon of Porter Acryshield in White is different from Black, Blue has its own MSDS sheet and so on. Because each color has a different pigment load the procedures for human exposure or environmental spills changes from color to color or volume.

If they walk in the door and pick up every item you have one at a time and item number 3,412 finally is the one missing an MSDS its a $47,000 fine. Doesn't mater had your sheets on previous 3,411 items. Back during first pandemic flu scare OSHA walked in well known television companies office building in Atlanta. Went from desk to desk looking for hand sanitizer. Any that was alcohol based and within five feet of an electrical device racked up a $5,000 fine. Multiply that times several hundred desks and believe the actual fine was over $100,000. Now if work for that company bringing a bottle of alcohol based hand sanitizer on property is grounds for instant dismissal.

How I ended up with a complete machine shop is showed up at an auction with $1,000 in hand with goal to buy something of use. Turns out only other bidder was scrap metal vendor. After company reps discussion with me, scrap metal guy and auctioneer was an announcement made entire shop was going in one lot and whoever purchased had to have all items off property in 72 hours. Auctioneer opened the bidding at $900, raised my hand and he screamed "going, going, gone" and banged the gavel.

Turns out the scrap metal vendor was willing to give more but said would take over a week to get his men on site. Company had five days to have all their stuff out of the building or pay another months rent of $65,000. Have five trailers and four trucks, they loaned me a forklift to use on site and began loading trucks and trailers, brought to shop, got another tuck and trailer so employees could be unloading truck one while I went with truck two. Ran non stop and in 36 hours had entire machine shop moved into my building. Looked like a bomb went off in here but all was moved.

While bucking down last load main fig from the German rigging company asked me if wanted anything else. Told him had spent all my available cash and couldn't buy anymore. He said were afraid would not have building empty in time limit and if kept hauling could have anything I could take away. Two 55 gallon drums of Royal Purple Synfilm Breathable Air Compressor Oil at $2,500 per drum went on the truck, all the piping and valves for their entire compressor system, two truck loads of new copper wire on spools, three phase electrical panels, entire sprinkler system, over 100 working Dell computers and more. (anybody need a robotic welding arm with PIC controller, wiring and manual?) Hauled non stop for four days and then they started helping as had to clear the property. When it was done there was an all wheel drive indoor/outdoor forklift sitting in my yard too along with dozens of crates waiting to get in door.

They told me cost of moving equipment, training new employees and moving enough management personnel to Mexico to run the place would take decades to recover cost. But figure in one bad workmans comp injury, average OSHA and EPA fines over a year and their savings would come in reduction of fines and litigation much sooner. Its not our salaries causing us to lose jobs, it is government gouging everybody with fines, permits and taxes causing jobs to cross borders.

Anyone ever use a drop cord at work? If don't post "tripping hazard" signs and OSHA walks in door your going to hate yourself. Ever send an employee up a ladder higher than six feet? Hope you have a fall protection system and/or a written fall protection plan. All it takes is OSHA or EPA deciding to show up and run an inspection and no business will go unfined.

It's impossible to meet all the requirements. Went to Lowe's earlier to get some wood putty and wood glue. Out of my normal brand and size on both so when got to shop with it went online and downloaded the MSDS sheets on both before bringing in from truck. Think I am paranoid? Yes I am, but seen too many people hit hard. Due to construction being down so low main targets are paint shops and dentists office's. Dentists have extra rules as in docs and hygienists have to have current OSHA training certificates, and the docs can afford to pay their fines. Paint shops usually end up borrowing money from the bank or filing bankruptcy over their fines.

OSHA funds itself with money from fines. If they want to keep their jobs and get paid they have to go find hard working folk to pound into the ground with fines. Have about a dozen ladders in the shop. Three are four feet tall and two are five feet. The six foot ladders all employees have been told if stand on the top step that says "not a step" will fire them. Can't have them exceed the six foot height mark without protection system and written plan. If a ladder exceeding six feet leaves the shop, I go with it. You don't have to rig fall protection at most job sites but do have to have a written plan explaining why your not using a fall protection system. I have to be an @$$ about helmets and harnesses even with guys on the ground when the bucket truck hits a site.

Doubt there is a legal work site in the country. Am stunned anyone even tries anymore. Spend at least four or five hours a week on OSHA and EPA compliance. Any of you guys who work manual labor jobs doing it without your OSHA 10 Hour Card? Any of you business owners not have your 30 Hour Card? Any new hire around here spends first three days sitting at computer getting 10 Hour Safety Card, Fall Protection, Fire Prevention and Flammable Liquids. Every year when fire extinguisher company comes to inspect extinguishers if any new employees they take the course on how to use a fire extinguisher. Them's the rules.

While I know 90% plus of small businesses don't do any of it and most get away with it, just takes one visit from the man and your company is shut down, doors are padlocked and your at the bank trying to borrow enough money to pay the man. Luckily my part timers are mostly fire fighters. Part of their job is to keep the place where will pass an inspection by the fire Marshall. Have had three spot inspections over past 20 years and scored perfect or at most had one thing that they said could be better. I run a tight ship as cannot afford to give it all away to some agency in fines.

Everyone Ready For Your Spot Inspections?


June 30, 2015, 19:58
The most sound advise I've heard in many years. The amount of certifications I had to have including my personal insurance were staggering.

2 months out of the year just for training and keeping up with compliance prerequisites.

Several hours per day just writing reports and filling in company, corporate, federal, state, county and city forms, then I'd have to fill out FAA, OSHA, FCC, FDA

One mistake and a world of hurt.

June 30, 2015, 20:55
I have a whole new appreciation for domestic firearms mfg after reading the above post. Good to think about why US MFG costs more when a choice at a gun show for mags/optics/etc between domestic and Chi-com.

June 30, 2015, 23:23
To do my normal range of jobs legally requires over 30 state and federal licenses. Low voltage and high voltage are different. To take cover off fuse panel must have NFPA Arc Flash 70e, then to work down stream of panel OSHA lockout/tag out, 10 hour card if the tool chaser or 30 hour card if lead technician. Have one facility that has an explosive environment area that requires all of the above plus OSHA Explosive Environment, and several others. On top of that company was hit in a California location with 1/4 million fine having a person in Ammonia room without certifications or proper tools. All my tools have to be spark proof. Every wrench, screw driver, etc are made of beryllium copper alloy. A 3/8" beryllium socket set and wrench is $700 bucks. My basic explosion rated tool set which fits in one large bag is over $7,000 not counting meters. A Fluke 28 ii explosion proof multimeter is $1,400 plus other test equipment. All subs have to provide copy of all certifications, copy of 2 million per incident liability, business license and more. When they found me had been flying a tech in from Washington D.C. Guess what the job is.... Changing the light bulbs when go out. I originally priced job at $795 per trip and 20 minutes from shop. They were ecstatic as had been paying over $2,000 for bulb change. Takes me two hours door to door of my shop. Sounds like big money till pay the 1,000 per month insurance, spend 100 hours per year on continuing education to keep certifications. All said and done it's a $300 job for me.

In Georgia if you disturb the soil in process of doing your job. That means digging a hole with a shovel, must have an EPA soil erosion certificate. It's a full day class then renewal every two years to keep a shovel on the truck. My brother refused and was caught by inspector digging a little drainage ditch for gutter downspout and was handcuffed, taken to jail and had to be bailed out. Judge ordered him to take class, reappear after and fined him $500 bucks. If you cut a single wire pair phone line with a shovel in GA, it's a mandatory $10,000 fine plus cost of repairs. Thus I call for a Utilities Protection Agency utility locate on every job will use shovel. One site marking company missed a fiber optic trunk and we cut with post hole diggers. Luckily I had locate done so rolled onto locate company. Fiber bundles have to be repaired in mobile clean room under microscope. Locate company was fined their 10k plus a $50,000 repair bill. Insurance does not cover fines so company bankrupted and assets sold to pay as much as possible of damages.

People have NO FREAKING CLUE what it takes to run a business legally. Climb a cell tower to swap a bad connector. Better have OSHA fall protection, overhead lifting and COMTRAIN. Sit down and get you OSHA HAZWOPPER that one sucks but some of the batteries I swap have cadmium. Either take the course or skip the contractor list Oops, most big nicads are made by S.A.F.T. and can't touch their batteries without their training. Sad thing is it looks like have to give up towers as now MA Bell wants me to own my PIM sweeper which is a $30,000 tool plus certification to maintain. If move more than 400 pounds of nicad batteries at a time supposed to file a route plan and get permit now.

Add to that having to maintain commercial drivers license with DOT health card to drive my trucks and so many more rules it's become impossible. Permits that were $20 bucks if needed used to pull in an hour single trip. No many of same permits are $500 plus have to have report from certified arborist will not disturb roots of any trees or shrubs, state certified electrical engineer plan on a single circuit run, civil engineer plans on any concrete may have to disturb and repair, traffic engineer state job will not interfere with safe flow of traffic and so on.

For every hour in field working I figure 2 hours in certifications, five hours in permits, 2 hours in post job paperwork for a 30 minute job. Recently in one municipality installed a $150 sign that had over $1,000 in engineering and permits. For 20 years could have just gone out and installed with $20 permit obtained over phone or through fax. Our country is totally freaked. I have lost 50% of my clients to guys operating out of a van and their garage with no business license, permits or certifications. The one I keep have been busted and don't want to risk fines. But $800 light bulb changes, $1,000 permits for $100 signs, sweating the OSHA man showing up on every job or shop knowing he will find something, DOT enforcement every me move a truck, having to fire guys who refuse to keep helmets on during 98 degree days, kids that don't want to work anymore and this country is done. Stick a fork in it and leave. Been looking at places to expatriate to. Have small piece of property in Peru but too far from Lima for health care. Looking at Bogota now. Never lived more than 60 miles from where born but if can find a country with medical care and can own guns, I may just liquidate entire deal and say screw it. Let the Mexicans have it.

July 01, 2015, 07:46
“It’s more marketable today than it was when PTR first got here

Horry County isnt going to do jack except work out a plan with PTR......there's nothing marketable there outside of the Redneck Riviera.......Myrtle and North Myrtle Beach. And they make out like a bunch of fat cats from the revenue those two town generate. I used to have an 800 sq ft. high rise condo in Myrtle....paid close to $3k in taxes on it (while carrying a mortgage) at the height of the real estate bubble. And that was in a building with over 50 units that the management company also paid taxes on.

July 01, 2015, 12:19
My guess is will work out plan involving reduction in monthly rent and make it retroactive. Local industrial market is estimated in my county about 50% of our industrial/warehouse space is vacant. Many are new structures that have been sitting since 2008 waiting for first tenant. People keep cutting prices as one warehouse marketed by one of my clients changed the signs on 150,000 square foot manufacturing facility that made buckets for Kubota front end loaders and was empty from 2009 till 2014. Went out once a year and lowered the per foot lease price. Fall it dropped to 50 cents per foot or best offer.

Now TRW Bearing Plant is there. Moved across town from building had occupied over 20 years. Only local military vendor that has survived. Leese/Nevell who made all the starters for M1 Abrams tanks, Bradley's and more rolled up and closed. Rocket engine plant making engines for cruise missiles closed but TRW keeps ticking along. Imagine the cost of moving 150,000 square foot plant and all the equipment and offices. Had to be one significant long term deal on cheap rent.

Wonder how many of the folks on the Board down in Horray County have been presented a super deluxe blinged out rifle as token of appreciation? Sure each of them got one on ribbon cutting day and will probably get another when current situation is rectified. May even give a deferment on overdue rent and just pay future rent at new reduced rate. In a way it makes sense, an occupied building does not deteriorate as quickly. Keep it leased and maybe someone else will offer more at a later date. If drop the rent to cost of maintenance and keep 50 locals in a job would be better than sitting empty again.