Minneapolis-based Genmar Holdings has filed for bankruptcy protection. The company is headed by Twin Cities businessman Irwin Jacobs, and makes Glastron and Larson boats in Little Falls.
Officials there say they've seen layoffs and signs of a softening recreation market. But Little Falls Mayor Cathy VanRissegham said the town can only wait to see what's in store for the boat company.
"I guess nobody probably knows exactly what it means, except the folks that are working there and Irwin Jacobs of course," VanRissegham said. "But they've been building boats in Little Falls for many, many, many years. It's a large company, I believe they employ up to 1,000 people, and like many businesses across the nation, they're hurting."
VanRissegham said she's optimistic the company will survive the bankruptcy, and keep manufacturing operations in her city of about 9,000 people.