There are plenty of towns that have been devastated by loss of industry. The process has been going on a LONG time, though. Some cities have re-invented themselves and kept on going, though.I’ve seen dead mining towns out in Utah and Colorado, and manufacturing in the Midwest and New England. Lowell and Lawrence in Massachusetts never really got over the loss of the fabric and show-making businesses, and the cities are still dominated by the huge mill buildings and canals used for water power. Fitchburg, Mass lost its lumber and paper industry. Southbridge lost American Optical (and several other optical companies and spin-ffs, although several remain), and the AO complex , although partia;lly rehabilitated, still stands mostly empty.
Heck, Salem, Massachusetts never really recovered from the loss of its China-trading route – it supported several other industries (Parker Brothers games, for instance, which finally pulled out a decade ago), most notably tourism.