Princess Yachts Cuts Jobs
Yacht makers continue to feel the economic pinch. Today it was announced that luxury yacht firm, Princess Yachts will be cutting up to 450 jobs. The cuts represent almost a fifth of the workforce. The reason for the job loss is the economic climate and the company has said it is working with union and staff representatives to minimize the damage through reduced working hours and other adjustments. The company, which is based in Plymouth, England, was acquired last summer by an investment arm of LVMH, the luxury goods conglomerate. It was bought for an estimated sum of £200 million. A quote from an article by Robert Frank on LVMH's purchase of Royal van Lent shipyard last fall seems particularly prescient. Frank quoted Steve Schwarzman of the private-equity firm, Blackstone Group on the yacht business. Schwarzman said: "The trouble with yachts, is that when business is good, it's really good. But when it falls, it really crashes."
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