VONORE, Tenn. — MasterCraft Boat Co. has laid off 110 workers at its East Tennessee manufacturing facility effective immediately and without severance, the Knoxville News Sentinel reported over the weekend.
The cuts are due to the decline in wholesale credit, MasterCraft President and CEO John Dorton told the News Sentinel. Dorton said MasterCraft held off on layoffs as long as it could and is hoping warmer weather this spring will spur more boat sales, according to the article.
"The atomic bomb that has hit the marine industry is the lack of wholesale floor plan financing," Dorton told the paper.
MasterCraft will continue to produce boats at the Vonore plant, but production will drop from a high of 20 boats a day last year to 5 boats a day, the News Sentinel reported.
MasterCraft will now employ 200 workers in Vonore, down from 570 last year. The company laid off 56 employees last month.
"It's a tough, tough time right now. I don't know where the bottom is," Dorton told the News Sentinel.
- For more of the latest news, click here.