The manufacturer’s focus on North America has tied its fortunes to the slumping U.S. housing market.

Not long ago, when Florida real-estate investor Karlin Ridgeway prepped a house for sale, all-new kitchen appliances were a must. Times have changed.

Buyers today want the lowest price possible, so when she recently pondered what to do with an aging but functional Whirlpool refrigerator, she decided not to spend $600 or more to replace it. Instead, she made it look practically new with $30 of paint.

"If we can save money on our end and still have it look good and be appealing to a buyer, then that's what we've got to go with," Ridgeway said. Her thrifty calculus helps explain the trouble circling Whirlpool, America's appliance-making giant.