Two months after hiring an investment banker to help look for additional capital, Fountain Powerboat Industries filed for Chapter 11 bankruptcy protection this week.
Fountain Powerboat makes sport boats and fishing boats and maintains a 65-acre facility along the Pamlico River in Beaufort County.
Though the company said in July 2008 that it was planning to add 250 jobs at that plant, the economic downturn has reversed those plans.
In November, the company laid off 70 workers. And in February, it reported a million-dollar loss and a 61.6 percent decline in sales for its second quarter, which ended on Dec. 31, 2008.
At that time, president and CEO Reginald Fountain Jr. said, "The global economic downturn, finance industry collapse and stock market crash had significant detrimental effect on marine markets during the quarter. Retail financing for boats tightened and floor plan financing for boat dealers became difficult. With dealers reluctant to replenish their inventories and retail sales stymied, orders for off season production became scarce."