Not long after hitting up the Rhode Island taxpayer for incentives to move from one municipality to another within the state, pen company A.T. Cross has sold itself to a California private-equity company, according to WPRI’s Ted Nesi. The silver lining:
A.T. Cross was awarded $1.9 million in state subsidies to help pay for the move to Providence, but R.I. Commerce Corporation spokesman Matt Sheaff said Thursday the company has not received any of that money at this point because the incentives are tied to job benchmarks it has not yet achieved.
Not to quibble, but Kate Bramson reported last year in the Providence Journal that the company had already received $200,000, which would presumably be in addition to the thousands of dollars it receives every year through various government programs and directly from the governor’s office.
More to the point, the company now confirms that it will be shedding jobs, rather than adding them, which raises the question of whether it really needed the promise of millions in order move.