Tiara Yachts, a division of S2 Yachts, announced its second round of layoffs.
Effective next week, about 70 employees will be on a one-week hiatus, the company said in a statement. And by the first week in August, nearly 95 employees will be indefinitely laid off.
“After these adjustments, we believe we are staffed at the appropriate level for 2009,” said S2 Yachts CEO David Slikkers. “We remain committed to actions that stabilize corporate profitability. We are secure if we are profitable.”
The boatbuilder’s 3900 Open and 4800 Convertible remain on schedule for launch this model year and the company said it has received positive reactions from its dealers and customers.
On July 11, Tiara Yachts, said it was going to lay off 110 of its 780 employees from its Holland, Mich. Plant.
Company officials say a declining boat market is to blame.
Until the last year, Tiara had been expanding its operations, highlighted by a project launched in fall 2005 in which the company invested $14 million in a 300,000-square-foot expansion, with the promise of adding nearly 600 new jobs.
Tiara Yachts and Pursuit Boats are subsidiaries of S2 Yachts, which was founded in 1974. S2 Yachts is one of the oldest privately held boat manufacturers in the United States.