It was bad enough when the credit crisis was squeezing housing and banks, but "chocoholics" like me start worrying when we read this:
SAN FRANCISCO (MarketWatch) - The ongoing credit crunch has hit mortgage lenders, housing builders, and big banks the past few months. Now, it appears it has spread to the chocolate market.
Hershey Co. executives said Thursday it’s the latest victim of tightening credit. It was one of the reasons Hershey cited for the candy bar maker’s disappointing third quarter performance.According to Hershey President David West, who will become chief executive Dec. 1, the chocolate maker’s sales were impacted by inventory reductions and tighter credit conditions at its distributors, who are electing not to finance current inventory at higher borrowing costs.
