CONNERSVILLE (Inside INdiana Business) — With little warning, a Fayette County cabinet maker has shut down, immediately laying off its entire workforce.
In a notice to the state, Wayzata Home Products in Connersville said market uncertainty associated with the coronavirus played a role in its decision.
The company, which is headquartered in Minnesota, said in the notice that the inability for the company to secure capital investment also was a major factor.
Wayzata told employees Friday morning it was closing immediately, and the layoffs are permanent.
The federal Worker Adjustment and Retraining Notification (WARN) Act requires employers to give a 60-day warning before a company closes. “However under the current circumstances,” said Wayzata’s notice, “the company could not provide such notice that far in advance due to significant and recent unforeseeable business circumstances.”
The statement went on to say, “More specifically, the recent material market and financial impact of the global spread of the coronavirus, including significant developments over the course of the last few days and the fact the company’s existing investors notified the company…that they would not make the additional capital investment required to sustain the company’s operations, led to the decision to shut down…”
The company has been operating in Connersville for less than five years.
In August 2015, the state announced Wayzata intended to invest $12.5 million to buy and refurbish the former Visteon plant.