Bristol, Ind.-based Odyssey Group is blaming the credit crunch and the bad economy for its decision to close some of its plants.
But the company has not revealed how many or where. They also haven’t said how many workers would be affected by the cuts.
In a statement to WSBT News, South Bend, Ind., CEO Lindsey R. Stults said:
“During the last couple of months, Odyssey Group, along with the rest of our markets, has seen extremely difficult and volatile times. We have made tough decisions to size our company to the markets we serve. Unfortunately this has involved the downsizing of physical locations and people. These great people are the reason Odyssey Group became one of the largest suppliers to the RV and Housing markets.
“We are currently operating within the financial constraints of our bank and the capital gridlock that the entire country is feeling as well. We are working with our customers and vendors to help them in any way we can and we value the relationships we have built with them.
“The most valuable asset we have, and have had, is our employees. This is difficult for all of us and affects many more than just the wonderful people who helped us grow every year.
“We have hopes for a speedy recovery to our markets as well as the loosening of credit restrictions by the country’s financial institutions.”
The Elkhart Truth reported on Tuesday (Dec. 2) that company officials informed Odyssey workers of the plans Monday morning, citing the inability to get the necessary bank credit to purchase the supplies it provides to its clients, according to a pair of impacted employees. The Bristol facility employees between 100 and 125 people.
“A lot of people were kind of upset because we just came back from Thanksgiving,” said Francisco Espitia, who helped manage inventory. The move didn’t come as a complete surprise, though, as the company had laid off some of its Bristol employees about a month ago and had apparently closed some of its warehouse operations outside Indiana.
Jerry Sullivan, director of purchasing at Merhow, a Bristol horse trailer manufacturer, learned of the plans Monday when he called Odyssey to place an order. A sales representative told him the Bristol facility was closing, as well as Odyssey’s other warehouses across the country, Sullivan said.
The company warehouses everything from stereos and windows to wiring and plumbing, supplying it to builders of RVs, marine goods, manufactured homes and others.