Business
MasterCraft Provides Updates in Response to COVID-19
Takes Steps to Protect the Health and Safety of Employees, Dealers and Communities Temporarily Suspends Manufacturing Across All Brands Enhances Available
About this update from Mastercraft Boat Holdings, Inc.
[{"type":"text","content":"Takes Steps to Protect the Health and Safety of Employees, Dealers and Communities\n Temporarily Suspends Manufacturing Across All Brands Enhances Available Liquidity and Financial Flexibility Withdraws Fiscal 2020 Guidance VONORE, Tenn., March 25, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”) today provided an update on its business and announced several actions that the Company is taking to protect the health and safety of its employees, dealers and communities in light of the COVID-19 pandemic. “COVID-19 is posing unprecedented challenges and uncertainty for MasterCraft, our industry and the entire global economy,” said Fred Brightbill, CEO and Chairman of MasterCraft Boat Holdings, Inc. “As we navigate this rapidly evolving situation, ensuring the health, safety and well-being of our employees, dealers and the communities in which we operate remains our top priority. To that end, we are implementing our business continuity plan that delivers on this objective and protects the financial and operational strength of the Company. Furthermore, while we face significant uncertainties, we are continuing to work on our plans to improve the customer experience, our customer-focused culture, and further advance operational excellence. “In this challenging market, MasterCraft continues to work closely with dealers to help manage their inventory levels and support the overall health of their businesses. We are monitoring the situation closely, and stand prepared to take additional action as necessary to position MasterCraft and its stakeholders for success over the longer-term,” Brightbill concluded. Suspending Manufacturing Operations In an effort to further protect the health of its manufacturing employees and to balance wholesale production with retail demand, the Company is suspending operations at its manufacturing facilities for all of its brands (MasterCraft, NauticStar, Crest and Aviara), effective close of business on March 26, 2020. For its corporate employees, the Company is instituting a work-from-home policy for each of its brands’ respective headquarters. The Company will evaluate and consider the health and safety of its employees, federal and local government mandates, market demand and input from dealers and its supply chain, among other factors, to determine the duration of the...