Less than three weeks after its namesake left the building, the remainder of Fisker’s staff have joined its founder as the company seeks to stave off the inevitable.
In a statement this evening, a company spokesman said it had laid-off 75 percent of its workforce as “..a necessary strategic step in our efforts to maximize the value of Fisker’s core assets.”
Its Executive Chairman, Henrik Fisker, resigned last month after ‘several major disagreements’ with the company’s management team. Those disagreements referred to the options for saving the company after it ceased producing the $100,000+ Karma plug-in hybrid.
In an announcement on 3rd March, 2013 the company said it was pursuing strategic partnerships and financing to support Fisker Automotive’s continued progress, but last week they hired a law firm to advise on a possible bankruptcy filing.
The first piece of advice seems to have been to cease all expenditure, which is standard practice when faced with the likelihood of insolvency.
According to Reuters, around 160 employees were terminated this morning at Fisker’s headquarters in Anaheim, California, retaining the senior management team who’ll be engaged in pursuing buyers for the company’s remaining assets.
These are not the steps normally taken for a going concern, so unless a potential buyer can re-hire staff quickly, time may finally up for the troubled car maker.
Written By
Steve Davies
Steve is an investor, private equity advisor and former Partner at KPMG, PwC and Bain. Most importantly he's a life-long car enthusiast, mountain biker and active sports enthusiast. He designs and builds technology platforms and is the architect behind Transmission.
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