North River Boats furloughs 60Posted on
North River Boats is temporarily laying off nearly 60 employees at its Roseburg, Ore., production facility, the company announced.
The employees, three in administration and 54 in production, are expected to return to work Dec. 8 and Dec. 15 to begin production for the 2009 boat show season.
The curtailment was a result of several independent dealers’ inability to obtain financing for the boats they currently have on order, the company said.
“Now is the time that North River typically builds boats for our independent dealer network,” company president and founder Brian Brush said. “The current credit crisis on Wall Street has caused lenders to tighten their lending practices, which has resulted in a reduction in the amount of capital available for loans.
“We cannot build boats that we won’t be paid for,” Brush explained. “As soon as the independent dealers are able to obtain financing, North River employees will return to work at full production.”
Brush said the layoffs would have been more extensive if not for the company’s dealings with government and commercial entities.
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