on The Limestone Boat Company Limited (isin : CA53263G1054)
The Limestone Boat Company Announces Layoffs at St. Stephen Facility
The Limestone Boat Company (TSXV:BOAT)(OTC PINK:LMSBF) has announced cost-saving measures, including laying off approximately 27 employees and temporarily curtailing operations at its St. Stephen, New Brunswick facility. The company aims to preserve sustainability for its stakeholders amid current economic challenges.
These measures are part of Limestone's strategy to enhance liquidity and strengthen working capital. The company is exploring options, including support from its royalty financing partner, to resume operations later this year.
Scott Hanson, CEO, expressed appreciation for the contributions of the affected employees and the impact on vendor partners. He remains optimistic about resuming operations and providing opportunities for returning staff.
The company reassured stakeholders of its commitment to enhancing shareholder value despite the restructuring. Limestone aims to sustain its long-term operations in St. Stephen.
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