Manufacturer announces second round of layoffs
May 29, 2009
Filed under Features
In the wake of losing more than $16 million in its recent quarter, Arctic Cat has announced a second round of layoffs.
The manufacturer said it is eliminating 60 positions, or 5 percent of its workforce. Earlier this year, Arctic Cat eliminated 108 positions.
To further reduce costs, the company has scheduled production shutdowns for this calendar year.
On Thursday, the company reported a net loss of $16.7 million for its fiscal year.
“Arctic Cat was profitable through the first nine months of fiscal 2009, due to increased snowmobile sales to dealers and distributors and lower operating expenses, but overall retail demand for recreational products remained weak in the fourth quarter as expected,” Chris Twomey, Arctic Cat’s CEO, said in a press release.
For more on Arctic Cat’s fiscal year, see an upcoming edition of Powersports Business.