Formula Lays Off 225...

[BlackJack58]

Decatur plant has laid off 225 people, including some more just this week...

http://tinyurl.com/bum8xb

Federal law requires that companies give 60 days’ notice before a mass layoff, but “Porter Inc. could not provide such notice that far in advance due to the unforeseen business circumstances regarding the unanticipated and dramatic major downturn in the national and global economies which have affected our business,” Porter wrote in its notice to the state. “In particular, the unprecedented freezing up of credit on both the retail and wholesale sides of the boat industry has drastically affected boat sales and shipments now and in the months ahead.”

Porter told the state it didn’t know when it would call the workers back, but “it is anticipated that sales of boats may return to normal levels starting in 2010.”

It was unclear Monday how many workers remained on the job at the Thunderbird plant at 2200 W. Monroe St.

“I think they’re pretty much in survival mode,” [Decatur Mayor] Schultz said.

As recently as 2005, the company employed more than 600 in a plant that comprised more than 400,000 square feet. Production workers earned $11.80 an hour to start and moved up to about $16.50 after a year.

[Audiofn]

Very sad to hear.

[JupiterSunsation]

Unemployment has to be tough in that area, it is full of recreational vehicle manufacturers as well. If nobody is buying Formulas, they aren't buying motorcoaches, custom vans or custom trailers either.

[rschap1]

:(

[HPOffshore]

Read that article, and then imagine where that leaves less established, less well-managed boat manufacturers...

[Davidmnc]

Unemployment has to be tough in that area, it is full of recreational vehicle manufacturers as well. If nobody is buying Formulas, they aren't buying motorcoaches, custom vans or custom trailers either.

I have to disagree with this statment. After a dismal winter, we are seeing buisness pick up very nicely. Maybe not to 07 numbers, but it is VERY refreshing to see people sick and tired of hearing about how bad it is, and who wnat to spend some money. I think we may be on the up swing! :)

[JupiterSunsation]

I have to disagree with this statment. After a dismal winter, we are seeing buisness pick up very nicely. Maybe not to 07 numbers, but it is VERY refreshing to see people sick and tired of hearing about how bad it is, and who wnat to spend some money. I think we may be on the up swing! :)

Well I wish you lots of sales in 09 but the RV lots in FL are jammed with new 07, 08 and 09 inventory that are suffering from "lot rot." Fleetwood stock delisted (was about 10 cents last time it was listed, the year prior it was $10).My local yamaha/sea doo dealer is still trying to move 08 inventory and this is a wealthy area that is warm enough year round to ride jet skiis. Parents have been know to buy kids 10K waverunners for their 16th birthday yet this guy still has last year's models crowding the showroom.

[Davidmnc]

Well I wish you lots of sales in 09 but the RV lots in FL are jammed with new 07, 08 and 09 inventory that are suffering from "lot rot." Fleetwood stock delisted (was about 10 cents last time it was listed, the year prior it was $10).My local yamaha/sea doo dealer is still trying to move 08 inventory and this is a wealthy area that is warm enough year round to ride jet skiis. Parents have been know to buy kids 10K waverunners for their 16th birthday yet this guy still has last year's models crowding the showroom.

There is alot of that going on. Fleetwood not only delisted, they filled Tuesday. We have lost our 2 closest competitors here localy. I know this all sounds like doon and gloom, but the fact is over the last 6 weeks people have been in a buying mode. I was at a local boat dealer yesterday as well as the local Chevy dealer and they both said the same thing. It will take a while for this to trickle down to the manufacturs. The dealers are selling down the old inventory before ordering new, so that will take a little while. I am happy to say we are ordering new inventory now. Things ARE getting better!

[HPOffshore]

[The dealers are selling down the old inventory before ordering new, so that will take a little while. I am happy to say we are ordering new inventory now. Things ARE getting better![/QUOTE]

Clearing-out old inventory is a very neccesary function, and a good sign when you see it happening. There is definitely pent-up demand out there in the public sector; at least where boats are concerned. Hopefully folk's confidence-to-purchase, and means-to-finance will return soon.

[FRMULTR]

Not suprising, I heard our local Formula dealer didn't sell a single boat, at the Chicago Boat Show.

[C_Spray]

As tough as it is to lay people off, if you don't save the company, they won't have a job to return to. Fleetwood sounds like it hasn't done as well. Hopefully, there will be good enough unemployment benefits to keep these folks afloat until they can be hired back. I not a huge fan of unemployment benefits in general, and especially when they are abused, but these are the times that they were intended for.

Good luck to all.

[MarylandMark]

I not a huge fan of unemployment benefits in general, and especially when they are abused, but these are the times that they were intended for.

Well said. Some times people need a boost to get back on their feet and I'm all for it. It's the ones that sit home watching Jerry Springer for 5 years or pop out kids every other year that I have a problem with.

Then again if companies didn't have to pay so much in to the unemployment system maybe they would have payroll money..

[Magic Medicine]

I have to disagree with this statment. After a dismal winter, we are seeing buisness pick up very nicely. Maybe not to 07 numbers, but it is VERY refreshing to see people sick and tired of hearing about how bad it is, and who wnat to spend some money. I think we may be on the up swing! :)

I have to disagree with you. I live in this are and many of the people I know are laid off with no sign of a call back. Factorys have not been working full weeks for a long time!