• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Fleetwood Enterprises files for bankruptcy

March 12, 2009 12:52:20 AM PDT
Recreational vehicle and manufactured housing builder Fleetwood Enterprises has filed for Chapter 11 bankruptcy protection.The Riverside-based company has been hit by a severe slump in sales.

And that, in turn, has forced Fleetwood to close three factories, two service centers, and slash nearly 700 jobs.

A spokesperson for Fleetwood said its motor home and manufacturing business will continue to operate while it seeks buyers for those units.

As of October 26, 2008, Fleetwood had assets of $558.3 million and liabilities of $518 million.

The 59-year-old company said it believes it has enough cash to operate its businesses right now, but is in discussions with lenders for financing to supplement existing working capital.


MORE LOCAL HEADLINES FROM INLAND EMPIRE

USEFUL LINKS:
SEND TIP || REPORT TYPO || TWEET @abc7 ||  WIDGET


Load Comments