Fleetwood Enterprises Inc. planned to close or sell at least 22 company-owned manufactured home retail stores during the February-through-April period of this year, it reported in a Securities & Exchange Commission (SEC) document.
During the nine months ended Jan. 28, Fleetwood closed 47 manufactured home retail locations, according to the SEC filing.
Additionally, Fleetwood reported it “entered into a limited operating agreement with a large independent retailer” that will “assume responsibility for the operations and most of the new inventory at 67 of the company’s (manufactured home) retail outlets.”
Profits from the sale of manufactured homes at the 67 Fleetwood-owned dealerships would go to Fleetwood, the company added.
Manufactured home retailing has been a major source of Fleetwood’s recent financial difficulties. Fleetwood’s manufactured home retail operations recorded a $47.4 million operating loss during the nine months ended Jan. 28.
However, Fleetwood’s RV manufacturing operations also started to struggle last year. Fleetwood’s RV manufacturing business lost $43.1 million from operations during the nine months ended Jan. 28.
As a result, Fleetwood eliminated 255 management jobs at its headquarters in Riverside, Calif., and at its RV and manufactured home operations during the nine months ended Jan. 28. Additionally, 900 Fleetwood production workers lost their jobs during the nine months ended Jan. 28.
During February, Fleetwood announced it would close three more manufactured home and three more RV production plants. The RV plans are in Chico, Calif., Decatur, Ind., and Winchester, Va. About 962 production workers and 86 salaried and administrative employees will lose their jobs in the next few weeks as a result of the latest plant closures.