Tiara to lay off 185 workers over next two weeks
By IBI Magazine
Tiara Yachts has announced plans to reduce its workforce by about 25 per cent after several rounds of job cuts. A company statement said that it will indefinitely lay off 95 workers from its Holland, Michigan facility during the first week of August, and place 70 workers on temporary layoff next week. The company laid off 110 workers earlier this month, and 10 more in June. According to a story on mlive.com, that will lower the workforce from 790 workers to 575. "After these adjustments, we believe we are staffed at the appropriate level for 2009," David Slikkers, chief executive officer of S2 Yachts, Tiara's parent company, said in a statement. "We remain committed to actions that stabilise corporate profitability. We are secure if we are profitable." Tiara's cutbacks come after years of double-digit expansion for the high-end yacht brand. The company announced a US$14 million expansion in the fall of 2005 that resulted in 300,000sq ft of new production space.
(25 July 2008)
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