Sign In
Free Newsletter
Titan Machinery laying off workers, closing stores
The Associated Press//March 11, 2015//
Listen to this articleWEST FARGO, N.D. — North Dakota-based Titan Machinery is reducing its workforce by 14 percent and closing some stores after a drop in revenue.
The West Fargo-based dealer of agricultural and construction equipment projects its revenue in the fourth quarter of fiscal 2015 at $491 million, a drop of about 31 percent from the previous year. Chairman and CEO David Meyer in a statement blamed the cutbacks on tough times in the industry.
“Consolidating stores and impacting people’s lives is a very difficult decision that we do not take lightly,” he said. “We have a responsibility to stay ahead of the challenging business climate, operate efficiently and effectively and position our company for long-term growth. We made a decision based on market conditions.”
Before the announced cutbacks, Titan had 92 dealerships in 11 U.S. states, as well as 16 dealerships in four European countries.
Employees in Bowdle, South Dakota, said that store was closed Monday afternoon. Scott Weiszhaar, who had worked there for 33 years, told the American News that employees got no advance notice — and even had everything ready for an open house scheduled for Tuesday. They were told Monday afternoon that they were out of jobs.
“Nobody knew anything before the meeting,” Weiszhaar said. “We were told to gather our things and leave. They locked the doors, and that was that.”
Workers who lost their jobs received a severance package, according to Meyer.
“We have a track record of taking care of our employees,” he told the newspaper. “There’s a lot of compassion to those employees. We are providing the severance package, which includes benefits and resources to find new employment.”
Related Content
Beyond The Skyline Podcast
Beyond the Skyline is a podcast and video interview about economic development, real estate and construction in Minnesota.
