Economic Slow Down: Old Town Canoe Cuts Back Production

Tuesday, 02 December 2008
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Old Town Canoe LogoAs everybody knows, the major economic downturn is hurting everybody really bad and the outdoor industry is no exception.

Citing economic stree, the Old Town Canoe in Old Town, Maine has decided to slow down their production schedule. They haven't announced any layoffs yet but rather, they are cutting back hours for some production workers.

They are working to reduce inventory and overhead and expect to repeat it again around Christmas.

"The paddle [boat] market may be down, but we're doing better than the paddle market and we are continuing to gain market share," company spokeswoman Lana Phillips said.

As you many know Old Town Canoe is a subsidiary of Johnson Outdoors who also owns, Necky Kayaks, Lendal Paddles, Extrasport Clothing and Eureka Tents amongst others. Johnson Outdoors stock has dropped in 2008, from a high of $23.65 in January to a low of $6.25 in November. At the close of trading Monday, the price of a share was $7.

More info: bangornews.com


David Johnston

David Johnston

David Johnston has been introducing people to the sport of sea kayaking for the past 15 years. He is a senior instructor trainer with Paddle Canada and teaches for several paddling schools in Ontario, Canada. Full Bio.

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