Articles
   
       
       
Pics/Video
   
       
       
Shop
Search
 
 
 
 
 
Home   Articles   Pics/Video   Gear   Wake 101   Events   Community   Forums   Classifieds   Contests   Shop   Search
WAKE WORLD HOME
Email Password
Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through March 18, 2009

Share 
Reply
 
Thread Tools Display Modes
Old     (fogey)      Join Date: Mar 2002       02-28-2009, 9:43 PM Reply   
East Tennessee's largest newspaper, the Knoxville News-Sentinel, had a story today about Mastercraft. The company laid off 110 workers "effective immediately," with no severance. Both production and admin jobs were cut. With this layoff and previous ones (for example, another 56 were let go last month), the work force will be down to 200, compared to 570 "last year."

John Dorton attributed the problem to a collapse in wholesale credit for dealer floorplan financing. He said there used to be five companies offering this service nationally, but now it's down to one. He said this "atomic bomb" hurts because about 80% of boat sales are to dealers who rely on this financing.

Dorton said the 2008 model was "a record year" for Mastercraft. They were building 20 boats a day (from the article, it appears he was talking about the period of 7/1/2007 through 6/30/2008). Dorton said production will be at five boats a day "starting Monday," which he says "still makes [Mastercraft] one of the industry's highest volume manufacturers; it's just terrible out there." Dorton said that MC "is hoping that warmer weather this spring will spur boat sales."

Note: The article didn't say anything about what another person in the industry told me -- the remaining employees are having their salaries cut 20% to 40%, "take it or leave it."

Reply
Share 

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



All times are GMT -7. The time now is 6:02 AM.

Home   Articles   Pics/Video   Gear   Wake 101   Events   Community   Forums   Classifieds   Contests   Shop   Search
Wake World Home

 

© 2012 eWake, Inc.    
Advertise    |    Contact    |    Terms of Use    |    Privacy Policy    |    Report Abuse    |    Conduct    |    About Us