Hatteras and Cabo Yachts in New Bern, North Carolina, have laid off 23 workers, according to local news reports. The company told WNCT that a slowdown in the large motoryacht market was responsible for the layoffs.

The company is marketing its line and will host an event in September for new customers and media with the launch of its 90 Motor Yacht.

“We continue to develop new products and construction of yachts continues,” Cacopardo told the station. “Ultimately, we expect the current market softness to be temporary and we will see growth going forward.”