WEST FRANKFORT, Ill. — Crownline Boats is seeking a buyer or investor to provide capital that will allow it to continue to operate in "an environment with reduced demand from consumers and dealers," the company said in a note to its partners.
The company has already taken aggressive steps to cut costs, including temporarily shutting down production in mid-December, according to the note, which was signed by Crownline President and CEO David Fisher.
These cost-cutting steps have had a positive impact, Fisher wrote, but the company will still need to pursue a sale or investment. Crownline has retained an investment bank to identify and engage candidates who might be interested in acquiring the Crownline brand and its manufacturing capabilities.
The note thanked Crownline's vendors for their support and asked for their continued cooperation.
"We firmly believe that — if we can work together effectively — Crownline will soon be back up and running and our partners will retain an important customer," it stated.
The note also suggested Crownline will continue to support its dealers' sales efforts, stating, "We are very much open and ready to take your orders."
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