RV maker Monaco lays off 2,000, may close

RV maker Monaco lays off 2,000, may close »Play Video

COBURG, Ore. -- Last July, Monaco Coach Corporation was Lane County's fourth largest employer and the manufacturer with the county's largest workforce, estimated at 2,400.

Monday, the company announced it had sent termination notices to 2,000 employees, most of whom have been on furlough since mid-December 2008.

"Your employment will terminate and you will be permanently discharged on March 2," according to the letters, received Monday.

The company continues to work to secure financing, according to Craig Wanichek, the company's director of investor relations.

"We've been working very hard," he told KVAL News. "We will continue to work on both fronts to obtain new financing that would provide us the capital necessary to start the plants back up."

Wanichek said 145 people will still work at Monaco, but he didn't specify for how long.

Here's the press release from Monaco Coach:

Monaco Coach Corporation (NYSE: MNC) announced that today it has provided termination notices to the majority of its remaining workforce while it continues to seek additional financing or capital or a corporate transaction. Most of the separated employees had already been on furlough since mid-December 2008. In its notice to employees, the Company noted that absent consummation of a sale or obtaining additional financing or capital, it may ultimately be forced to shut down operations.

About Monaco Coach Corporation

Monaco Coach Corporation, a leading national manufacturer of motorized and towable recreational vehicles, is ranked as the number one producer of diesel-powered motorhomes. Dedicated to quality and service, Monaco Coach is a leader in innovative RVs designed to meet the needs of a broad range of customers with varied interests and offers products that appeal to RVers across generations.

Headquartered in Coburg, Oregon, with manufacturing facilities in Oregon and Indiana, the Company offers a variety of RVs, from entry-level priced towables to custom-made luxury models under the Monaco, Holiday Rambler, Safari, Beaver, McKenzie, and R-Vision brand names. The Company maintains RV service centers in Harrisburg, Oregon and Wildwood, Florida and operates motorhome-only resorts in California, Florida, Nevada and Michigan.

Monaco Coach Corporation trades on the New York Stock Exchange under the symbol "MNC." For additional information about Monaco Coach Corporation, please visit www.monaco-online.com or www.trail-lite.com.