Country Coach RV gets infusion of investor cash
By Associated PressJUNCTION CITY, Ore. (AP) -- A privately held Oregon recreational vehicle manufacturer took the unusual step this week of going public with the drastic steps it has taken to stay in business during the economic downturn. Country Coach said it has cut its work force in half, obtained a $6 million infusion of capital from investors and borrowed $11 million. Country Coach also said it reduced its inventory of RVs to 10, allowing it to bring back some workers it had laid off. Country Coach officials said they put out the news release because of "an overall decrease in confidence in RV manufacturing" among employees, dealers and the public. RV companies are suffering through the worst industry slump in decades, with shipments off 50 percent from last year.
Copyright 2008 The Associated Press |
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