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N.Y. Korean Dry Cleaners Folding

Korea Daily, Posted: Nov 21, 2008

NEW YORK As the economy worsens, an increasing number of Korean-owned dry cleaning businesses in New York are failing, reports the Korean Daily's New York edition. According to its report, more than 300 Korean-owned dry cleaners in the New York and Long Island areas went out of business this year alone. While the community perception has been that it is new businesses who are failing, many are actually dry cleaners who have been in business for more than a decade. Some of the failed businessmen told Korea Daily that dry cleaners were already experiencing dwindling profits due a rapid increase in rents and supplies, even before the financial crisis. Once the financial crisis exploded and consumers shut their wallets, the cost of sustaining these business operations became intolerable. The dry cleaning industry has been the backbone of the economy of Korean immigrant community and until now, was widely perceived as an industry relatively invulnerable to economic ups and downs.

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