Claiming the “double whammy” of too many boards being produced and a soft US market, Firewire Surfboards has closed it’s Burleigh manufacturing facility and is moving all of it’s production to “its low-cost factory in Thailand.
The company, whose investors included former Billabong Surfwear CEO Matthew Perrin and golfer Adam Scott, will open a new retail showroom at Currumbin this weekend. . . But it has closed its Burleigh manufacturing facility – which employed about 50 people and churned out up to 400 surfboards a week.
Director Nev Hyman said the US surfboard market, which accounted for 70 per cent of the group’s sales, was suffering “its worst slump ever” as a result of the international credit crunch and soaring living costs.
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[Link: News.com.au]
