Potomac Businessman Announces Company Closure, 950 Layoffs; Driver in Crash That Killed 3 Expresses Remorse
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Potomac resident's moving company to close, lay off 950
Kane Co., whose owner and president lives in Potomac, is ceasing most operations and laying off about 950 employees on Sunday. The Elkridge-based moving company, the largest commercial mover in the U.S., had been dealing with financial pressures from lease costs, according to President John Kane. “We got stuck in a squeeze play between third and home, between old and new leases not terminating at the same time,” Kane told The Washington Post. “I made a couple of stupid mistakes. Our bank lost patience with us.” The shredding and storage components of the company will remain open.