By Mike Davin, Online Editor, Boating Industry — The news coming out of Fountain Powerboats hasn't been good for a while, but this week it got a little worse when the company filed for bankruptcy. In its heyday, Fountain employed more than 450 workers; today that number has dwindled to about a dozen.
Below is a report from WNCT-TV in North Carolina. Their reporter takes a stroll through an empty-looking factory with founder Reggie Fountain Jr., who promises to fight hard to bring the business back to where it was.
Forbes has details of the bankruptcy as well, here.
Boats in general are a luxury item, but the boats Fountain produced took the concept of luxury to another level. Does this bankruptcy say something about how the recession has cut across all income levels and forced even the very wealthy to cut back? And which do you think will rebound more quickly: high-end powerboats or something more modest?