Seattle's Lake Union Yacht Center closed Nov. 30, following a 60 percent drop in business.
Just two years ago the company had moved to a new location, with a facility double the size of the old one, and owner Geo Tamblyn knew he would have to increase business by 20 to 30 percent to cover costs at the two-acre site.
The company was doing about $3 million of business annually, enough to keep his staff of 40 busy.
"Then," Tamblyn told Three Sheets Northwest, a news partner of The Seattle Times. "October '08 rolled around."
The closure of Lake Union Yacht Center is a sobering sign for the region's other boatyards, many of which have also seen a sharp drop in business. Granville Marine in Anacortes closed last spring and others are struggling to stay afloat.