Genie lays off 400 employees

Genie lays off 400 employees »Play Video
REDMOND, Wash. -- Hundreds of employees of Genie Industries were given the pink slip on Tuesday.

The company announced it laid off 400 workers - 325 from its Redmond office and 15 from its Moses Lake location. Of the 325 laid off in Redmond, 200 were voluntary workers, the company said.

The remaining 60 workers are said to be spread out worldwide.

The latest round of cutbacks leaves some 1,000 employees at Genie's Redmond branch and 250 at the Moses Lake location. The company's North Bend logistics center, which previously housed 105 employees, now has 110 workers.

The layoffs came just a day after the company announced more layoffs were coming "soon" in response to speculations of massive cutbacks.

For the past year, the manufacturer of lifts and booms has shifted to a build-to-order business model to reduce inventory to and survive the global economic crisis.

But times have nevertheless been tough.

Genie's parent company, Terex, lost $86 million in the last quarter. And recent report to investors shows Genie's sales are down 72 percent compared to the same time last year. As a result, the company has cut wages and overhead costs by 59 percent.

Genie began issuing layoffs in July 2008. And in every quarter since, at least 100 workers have been shown the door. More than 1,000 former Genie workers were out of a job prior to Tuesday's announcement.

As of Tuesday afternoon, Genie had not filed a notice with state officials stating how many of the laid-off workers would be eligible for unemployment benefits.