Luxury Gold Coast boat maker Riviera Group has sacked another 110 staff as international demand for its high-priced vessels dries up.
The cuts, which were made yesterday, come just six months after the company sacked 121 workers in late August 2008. The company also retrenched around 200 employees last April.
“Riviera is continuing to adjust to international market conditions in the wake of the global economic crisis,” the company said in a brief statement.
“The employees affected have been paid their full entitlements and offered a high level of support, counselling and career relocation advice including career planning, job seeking, resume writing and interview skills.”
Riviera now employs around 650 staff, a far cry from two years ago when annual revenue was around $400 million and the company had around 1000 workers.
Riveria accelerated its growth following a private-equity-backed management buyout in 2002. Private equity firm Ironbridge Capital retains a stake in the business, but the leader of the buy-out, former chief executive Wes Moxley, left the company last August.
On top of the job losses, Riviera plans to close its production line for three weeks from April 10 until May 5 in a bid to clear out stock held by its dealers around the world.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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