MIAMI — Merrill-Stevens boatyard in Miami has laid off all but about 28 employees and has shuttered the business, according to a report in the South Florida Business Journal.
In the last two years, Merrill-Stevens has downsized from 160 employees, and owner Hugh Westbrook said he expects more layoffs. The current plan is to operate the company on a project-by-project basis, generating additional revenue from yacht storage, according to the Business Journal.
When he bought Merrill-Stevens, Westbrook’s plan was to spend $60 million to create 300 jobs by transforming the boatyard into a megayacht hub. He also moved the company into yacht sales and charters, but those divisions were discontinued in 2008 to focus entirely on the company’s core yacht repair and refit business.
To read the South Florida Business Journal’s full report, click here.