Temporary workforce reduction announced at Marquis Yachts, more than 300 to be affected
The Department of Workforce Development says 344 employees at Marquis Yachts will be affected by a workforce reduction in Pulaski.
Marquis Yachts made the announcement to affected employees on January 28, saying the temporary shutdown will last for an unknown amount of time, which, in a letter to the DWD and Village President, Reed Woodward, states is shorter than 60 days under the WARN Act and the WBCML Act due to what the company calls "unforeseen business circumstances".
The company says the circumstances include a previously anticipated buyer to withdraw from the purchase, as well as an inability to secure short-term financing to continue operations until the sale is complete.
Documents state the affected employees aren't represented by any union, and there are no bumping rights for employees affected by the closure.
In a release issued Thursday, the reduction is expected to start on March 1, 2020, unless a sale is finalized by February 29, 2020.
However, the letter states if the company is able to close a sale with a new buyer by February 29, then there won't be a shut down.
The DWD, as well as the Bay Area Workforce Development Board, will be offering response services to the company and the affected workers.
In the letter to the DWD and Woodward, the company states it has been "actively engaged with a couple of potential buyers and other stakeholders" to negotiate a sale of the company.
At this time, the company is working with what they say are limited financial resources to continue operations up through March 1.
Company officials say since a sale is unlikely to be finalized by March 1, they're anticipating a temporary shutdown will begin then, which they say will affect most, and potentially all, employees.