Then one of two things happened, the owner died with no capable heirs and the company was sold. Or after NAFTA the company wasn't competitive with low priced foreign labor and folded. If the company was sold a couple of MBA's came in to run the store and ruthlessly ran it exporting all the profits. Eventually the jobs would go overseas or to another part of America with lower wages like the South.
Either way the people eventually lost their jobs and entire towns would collapse. I have seen it here in Michigan happen over the past forty years again and again.