For nearly one hundred years, the town in which I live was the location of the headquarters and factories of a (for part of that time) Fortune 500 company that was the largest employer in the county. As outsourcing began, the impact upon the community was visceral and apparent at every level. The company is now extinct.
However, the request that "the last person who moves out of town - be sure to turn off the lights" has yet to come to pass. While we have lost many people who have had to move elsewhere to find employment, and while the county unemployment percentage is above the state level, there are a surprising number of former employees who are still in the area, working to develop new businesses based on personal passions or combining expertise to create new companies. The town is still struggling, but we haven't folded yet!