National RV Closes Operations

[Full-Timers]

BREAKING NEWS
National RV Closes Operations, Lays Off Workers
RV Business
Friday, November 30, 2007

Perris, Calif.-based National RV Holdings Inc. this morning (Nov. 30) shut down its headquarters and main production facility and laid off all its employees, according to a report in the Press-Enterprise, Riverside, Calif.

The paper said that around 600 employees received layoff notices today. National RV Holdings, parent to motorhome builder National RV Inc., has lost money every year since 2002 equaling more than $80 million during that period. Recently the company's stock was delisted from the New York Stock Exchange because it fell below trading thresholds.

In its most recent quarter, sales were reported down 42%, according to a financial report released in August. The company, which sold off its Junction City, Ore-based Country Coach Inc. subsidiary last February, reported an $8 million loss for that quarter.

The Press-Enterprise reported that employees who arrived at work this morning were given notices announcing the layoffs. By noon, dozens of workers waited outside the main office to pick up their checks and layoff notices, huddling under an awning to stay out of the rain.

The letters said "the layoff is expected to be permanent and the entire site will be closing."

Jonathan Corn, vice president and general counsel of the company, announced the closing today in a prepared statement.

"Our board of directors decided last night to shutter National RV Holdings. At this time it is unknown whether this will be temporary or permanent," the statement said.

Corn confirmed there was a first round of layoffs at the plant on Monday.

[Full-Timers]

BREAKING NEWS
National RV Closes Operations, Lays Off Workers
RV Business
Friday, November 30, 2007

Perris, Calif.-based National RV Holdings Inc. this morning (Nov. 30) shut down its headquarters and main production facility and laid off all its employees, according to a report in the Press-Enterprise, Riverside, Calif.

The paper said that around 600 employees received layoff notices today. National RV Holdings, parent to motorhome builder National RV Inc., has lost money every year since 2002 equaling more than $80 million during that period. Recently the company's stock was delisted from the New York Stock Exchange because it fell below trading thresholds.

In its most recent quarter, sales were reported down 42%, according to a financial report released in August. The company, which sold off its Junction City, Ore-based Country Coach Inc. subsidiary last February, reported an $8 million loss for that quarter.

The Press-Enterprise reported that employees who arrived at work this morning were given notices announcing the layoffs. By noon, dozens of workers waited outside the main office to pick up their checks and layoff notices, huddling under an awning to stay out of the rain.

The letters said "the layoff is expected to be permanent and the entire site will be closing."

Jonathan Corn, vice president and general counsel of the company, announced the closing today in a prepared statement.

"Our board of directors decided last night to shutter National RV Holdings. At this time it is unknown whether this will be temporary or permanent," the statement said.

Corn confirmed there was a first round of layoffs at the plant on Monday.

[edgray]

This matter is already being posted in the National RV Owners forum and is cross-linked to General discussion area also. Lets please concentrate our posts to the threads already running in those locations HERE (link). Thanks.