Sign of the economy Goetz Yachts in recievership

[ChuckA]

Effective Tuesday, Jan. 6, Eric Goetz Custom Sailboats, Inc. was petitioned into receivership and all of its 75 workers were laid off.

Eric Goetz told the East Bay Newspapers that the inability to obtain refinancing along with termination of a contract by an international customer precipitated the situation.

a statement was issued, saying “The company is hopeful that this project will be restarted, however, in order to preserve its assets and to protect its workforce, the company laid off workers on 12/31/08 after having met its payroll and health insurance obligations,”

You can read the full story atEastBayRI.com.

I hope that this works out. There are a lot of related businesses in the area that benefit from Goetz projects.

Regards,
Chuck

[CBinRI]

It is a very tough industry. Many good yacht manufacturers have folded over the years in much better economic conditions than this.

[ChuckA]

The Providence Journal is reporting: Warren, RI Sailboat maker Pearson Composites, makers of True North Power boats and the Alerion Express sailboat line has laid off nearly half its workforce, as the economic downturn dries up orders.

Fifty of the company's 110 employees were dismissed on Friday. "It's saddening," Chief executive officer Patrick T. Burke told The Providence Journal.

Chuck

[petmac]

Mount Desert Islander - More layoffs hit Hinckley

[ChuckA]

The Providence Journal reported today that Goetz Yachts is back in operation, rehiring 40% of its workforce last week and 40% this week after a client recommitted to an $8 M project that had been halted due to economic conditions. Eric Goetz reported that many of his employees were working over the last couple of weeks despite not being paid for their effort. That's dedication that you won't find in most businesses. The downside is that the company is operating in receivership. I'm rooting for them to pull this one out.
Chuck

[sailingdog]

That the employees were willing to work without pay for the company says a lot about how they treat their employees.

Originally Posted by ChuckA

The Providence Journal reported today that Goetz Yachts is back in operation, rehiring 40% of its workforce last week and 40% this week after a client recommitted to an $8 M project that had been halted due to economic conditions. Eric Goetz reported that many of his employees were working over the last couple of weeks despite not being paid for their effort. That's dedication that you won't find in most businesses. The downside is that the company is operating in receivership. I'm rooting for them to pull this one out.
Chuck