Wisconsin-based luxury yacht builder Palmer Johnson Yachts plans to cease operations by the end of the year, the Milwaukee Journal Sentinel reported.
The company filed a plant closing notice Wednesday with the Wisconsin Department of Workforce Development. The closure of its two facilities will result in the loss of more than 100 jobs, the company said.
“We are disappointed and saddened by this business closing, and yet realize that there is no alternative,” the company said in a statement.
The nearly 100-year-old company will begin shutting down in phases starting October 31, with the expectation that all operations will be closed by the end of 2015.