Company says it emerged from near bankruptcy with renewed vigor
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Posted 1:10PM on Tuesday, December 24, 2002
ALBANY - The world's largest candy-cane maker -- Bobs Candies of Albany -- has come back from the brink of bankruptcy. <br>
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The company was able to secure financing to save 550 jobs -- 250 in Albany and 300 at the plant in Reynosa, Mexico -- with the help local and state officials, including Governor Roy Barnes and Lieutenant Governor Mark Taylor. <br>
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Bobs closed when its bank stopped its financing. The company eventually got a commitment from another bank to refinance its $15.2 million debt. <br>
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The president of the privately held company -- Greg McCormack -- says the hardships have helped make Bobs a leaner, more innovative company. <br>
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Company secretary-treasurer Mary Helen Dykes says the Christmas season, when the bulk of Bobs' products are sold, makes the company's survival all the more rewarding.