Recession hits sales of fine leather jackets, manufacturer CEO Henry Jones Jr. resigns

The world's leading maker of high quality men's leatherwear has posted its third successive quarterly loss, leading to the resignation of its chief executive Henry Jones Jr and talk of possible bankruptcy.

A former professor of archaeology, Dr Jones had led the company since its foundation after the Second World War. In a statement made through his legal team today he said:

"It's been a hell of a journey making it through the jungle of big business. I thought I'd seen some pretty scary things in my time, but nothing prepared me for the full horror of a double-dip recession. It's a shame I have to leave, but I'm pretty sure my dad would have been proud of what we've achieved. I think we kinda lost our way towards the end though, some of the stuff we were making was pretty weird. I mean, who really needs a lead-lined refrigerator?"

Its European subsidiary, based in Grünwald, Germany, will continue production with a view to a possible takeover by the British drinks and travel conglomerate International Exports Plc.

Other going concerns in the company include:

-Trilby and fedora distribution in North America

-A bullwhip factory, one of the last of its kind in the world

-A chain of vintage motorcycle maintenance workshops

The company's new acting CEO, Mr Faisel el-Kahir, is expected to formally take over next week after an Extraordinary General Meeting of shareholders.