From The Green Bay Press.
Higher taxes from government. Less money in peoples pockets. Lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs.
Who won the election?
Higher taxes from government. Less money in peoples pockets. Lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs. Raise taxes more, less money in the pocket, more lost jobs.
Who won the election?
"Owner of Pulaski yacht maker, Genmar Holdings, files for bankruptcy protection President: Former Carver Yacht likely to continue with reduced work force
By Nathan Phelps • nphelps@greenbaypressgazette.com • June 2, 2009
Minneapolis-based boat manufacturer Genmar Holdings filed for Chapter 11 bankruptcy protection late Monday afternoon.
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Genmar Holdings is the parent company of Genmar Yacht Group in Pulaski, formerly known as Carver Yacht Group.
Bob VanGrunsven, president of the Genmar Yacht Group, said the move likely would mean reorganization within the company. That sector has taken a hit since last fall when the banking industry and economy started to crumble.
“We’ve been able to hang in there through this because we do a pretty good international business,” VanGrunsven said. “We are operating this morning… and are building some boats that are under contract.”
VanGrunsven planned on meeting with yacht group employees today. He anticipates telling them the company has a loyal customer base and the company plans on serving those customers — albeit through a reduced operation.
“We do have a market out there, though it is challenged due to the current global economic conditions, to get this company back on its feet and go forward. At least this division of Carver and Marquis brands.”
VanGrunsven said the Pulaski division has several yachts under construction and work on those vessels will be completed. Production was ongoing this morning, he said. Genmar Yacht Group currently has 80 or 90 employees, a significantly reduced work force.
Genmar purchased Carver, later renamed Genmar Yacht Group, in 1991.
Company founder Irwin Jacobs says Genmar has suffered from a rapid decrease in sales due to the credit crisis and weak economy. In court filings, Genmar also said banks have reduced available credit.
The company's Chapter 11 petition filed Monday lists assets of $237.5 million and liabilities of $216.5 million. Jacobs says the bankruptcy petition does not include over $400 million in intangible assets.
Jacobs says Genmar's revenues for the year ending June 30 should drop by more than half to about $460 million.
“If someone would have said to me as recently as even one month ago that Genmar would someday be filing for Chapter 11, I would have said it was not even a remote possibility,” he said in a press release. “We believe that Genmar will have access to sufficient cash and has current assets available to support our ongoing businesses to service and build dealer boat orders and pay our vendor suppliers on future purchases promptly.”
The rest of the boating industry also has suffered from higher gasoline prices and the recession. The National Marine Manufacturers Association said sales of new boats fell 30 percent in 2008 and are expected to drop another 20 percent this year." Owner of Pulaski yacht maker, Genmar Holdings, files for bankruptcy protection | greenbaypressgazette.com | Green Bay Press-Gazette
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