Mills Cuts 70 Jobs, Trims Building Projects
This story has been developing for several weeks but gets very little press here in Nashville. (I refuse to pay for Nashville Post anymore--something has probably been on that site, but I think their rates are way too high)
The parent company of Opry Mills, the Mills Corp, is under formal investigation by the SEC and that usually means that more announcements and possible setbacks are ahead.
Here's a quote from the Washington Post article:
The cuts, disclosed in a Securities and Exchange Commission filing yesterday, bring to more than 160 the number of jobs eliminated since January, when Mills halted work on 10 development projects and admitted accounting errors that will lead it to restate its results for the past five years. Since then, the SEC has launched a formal investigation of the company and Mills has lost billions in market value as doubts have grown about the quality of its accounting.
We've had enough drama out there in the Opryland area in the last 10 years. Let's hope this is nothing but a debits and credits issue and that the company is just in a little bit of a pothole right now.
