Romney’s Business Venture Made Millions As It Cut South Carolina, New Hampshire Jobs

Source: AP / The Washington Post

GAFFNEY, S.C. — More than two decades ago, Mitt Romney’s business venture came to town with a bounty of highly anticipated manufacturing jobs. The new plant, just past the gas station off Interstate 85, needed skilled workers to churn out thousands of photo albums.

Four years later, the Holson Burns Group Inc. — the company controlled by Romney’s Bain Capital LLC — closed the factory and laid off about 150 workers. Some jobs were sent north, where months later many of those were also eliminated. Other operations went overseas.

But Bain walked away with millions in profits.

A review by The Associated Press of financial and regulatory documents in the case of Holson Burnes contrasts with statements Romney has made during his presidential campaign about his success creating jobs in the private sector. It shows how Bain, then headed by Romney, wrung profits out of the company by slashing costs and trimming its work force.

By coincidence, the economic fallout from Bain’s decisions struck hardest in South Carolina and New Hampshire, early primary states that will shape the Republican race and Romney’s White House prospects. Romney knows President Barack Obama — not to mention the other Republican hopefuls — will be picking apart his record at Bain.

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