Lack Of Commercial Financing Cited As Fishing Boat Manufacturer Lays Off 130

November 14, 2008 11:16 a.m. EST

Flippin, AR (AHN) - An Arkansas fiberglass fishing boat manufacturer has laid off 17 percent of its staff because the nation's financial crisis has left boat dealers unable to get commercial financing to buy stock.

Ranger Boats said it is laying off 130 of its 750 employees, but thinks it will be able to call them back in January when it hopes that consumer demand will pick up.

Company officials reportedly say that the plant had been operating only four days a week, but will now shift to three days and extend the traditional 10-day closing at Christmas to three weeks this year.

The company is owned by Minneapolis-based Genmar Holdings Inc., a recreational boat manufacturing company.