Monaco Coburg Layoffs

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Tom and Margi

Tom and Margi

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Our local TV news here in Oregon last night reported that Monaco has laid off 300 workers at their Coburg facility.  It was also reported that more would be laid off at their midwest plant.

The newscaster also reported that Country Coach employees in the area had received a 5% pay cut.  Their CEO has taken a 25% cut.

Margi
 
Thanks Margi. I've been reading about that and others in trade press.
 
Here's a report on the Buisness Journal web site. Although Monaco's market share continues to increase, it's no surprise that the overall market has shrunk.
 
With Monaco's poor (to put it nicely) first quarter results and the continued weakness in the Class A market, i think Monaco will have to do some drastic restructuring. Anyone with further insight on this?
By the way, what do you think of GE pulling out of the RV retail financing? From what i have read Monaco's product will continue to be financed, but should be a matter of time before GE discontinues this program.
 
I am not a GE fan but do to my business relationships, I do have to work with GE a lot.  I know that GE has their finger in a lot of pies.......I think they are nervous due to the mortgage/housing repo problem and are going to attempt to make sure their funds are secure.  They built a new housing tract next to my neighborhood.  Unfortuately, many of these houses are currently listed for sale with a few already vacant.  What I notice is that not only do these new neighbors of mine have new and expensive mortgages to pay, but there seems to be a new car and an rv in many of their driveways........once the house starts forclosure, the car and the rv are just a payment away from the same fate....

This is probably just the start to many other lenders tighting their rv loan belts.
 
GE is pulling out of a lot of markets in retail/wholesale financing. I am in the furniture manufacturing/distribution business and GE just cut off all our dealers who had unsecured financing and is reviewing every secured dealer. But then the three largest accounts receivable insurance companies have also pull out the the furniture market.

ken

 
By the way, what do you think of GE pulling out of the RV retail financing? From what i have read Monaco's product will continue to be financed, but should be a matter of time before GE discontinues this program.
Click to expand...

Don't have an opinion on the financing arm, but what about the latest news that GE will no longer make appliances.  Now that's a real shocker since we've had them around since I was a kid.  I remember well our old refrigerator with the the motor or whatever on top.  It may not have been pretty to look at but Mother had it for 30 years and it worked like a charm.

ArdraF
 
I have not followed up on GE pulling out of the appliance business but I did hear they sold their appliance division.  I did not hear to who.....

Just like most things, there are probably not a lot of appliance makers out there, the few that do exist make all the different name brands....If GE did sell that division, it is another comglomarate that uses a hundred different names.
 
Peter Drucker was the MAJOR consulting adviser to GE.  One piece of advice he offered GE was, if you are not in the first or second market position in the major lines of your business get out.  Who knows, maybe GE is following his advice.  GE will most likely move to another market area and probably do quite well!

JerryF
 
... if you are not in the first or second market position in the major lines of your business get out.
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That was Jack Welch's stated philosophy for many years Jerry, but I didn't know he got it from Peter Drucker.
 
Tom,

Oh yes!  He definitely did.  Jerry got it straight from the horse's mouth so to speak because Peter Drucker was his advisor at Claremont.  He was such a neat person!  I also was lucky to meet him and listen to some of his pearls of wisdom - some of which even helped me as a reference librarian.

ArdraF
 
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