Layoffs at Limestone Boat Co.’s Tennessee facility, director resigns
by CM Staff
The company says it has made these difficult and strategic decisions to preserve its sustainability in the interests of all of its stakeholders.
COLLINGWOOD — The Limestone Boat Company says it has implemented cost savings measures, including the layoff of approximately 30 employees and temporary curtailment of operations at its manufacturing facility in White Bluff, Tenn.
The company says it has made these difficult and strategic decisions to preserve its sustainability in the interests of all of its stakeholders. It continues to pursue alternative liquidity and financing proposals and says it remains committed to continuing its long-term operations.
“We appreciate the significant contributions of our employees and hard work they brought to the company and understand the impact that this difficult decision has on them,” said Scott Hanson CEO in a statement.
He added that the company remains optimistic that its managerial decisions will lead to a successful resumption of operations as soon as possible and provide opportunity for staff to return to its White Bluff facility.
The company also reported the withdrawal of its proposed debt financings previously announced on Aug. 11, 2022 and Oct. 21, 2022.
Additionally, Limestone Boat Co. also announced the resignation of Charmaine Crooks, who served as a member of its board of directors since March of 2021. Limestone’s Board and management thank Crooks for her service and wish her well.
