The Amish Buggy Whip Company of Shipshewana, Indiana, is asking the government for a 25 billion-dollar bailout.
Owner and CEO, Jeremiah Miller, notes that the tight credit market, unemployment and decreasing demand will force the company into bankrupcy by the end of the year if the government does not act immediately. Company sales have dropped 41 percent in just the last month.
Meanwhile, U.S. senator, Richard Lugar (R. Ind.), argued that while he empathizes with the employees’ plight, the company has an antiquated business model as well as unpopular products and that employees are paid nearly twice as much as comparable employees in other industries.
“Going bankrupt and being forced to adapt to the fast changing economy and consumer desires would probably be the best thing in the long run to happen to the Amish Buggy Whip Company,” Lugar said.