BRISTOL, R.I. (AP) -- A custom yacht maker in Bristol that went into receivership and laid off its entire work force is back in action.
Goetz Custom Sailboats has rehired nearly all its employees after a customer resumed payments on an order for an $8 million dollar racing yacht.
The 34-year-old company went into receivership Jan. 6 and laid off 75 workers after a contract with a Scottish customer was suspended because of the poor economy.
But after the client recommitted to the project, Goetz rehired 60 people.
Company founder Eric Goetz tells The Providence Journal that while he's pleased with the restart, the company's future remains uncertain.
Because the company works on just one or two boats at a time, one order cancellation can wreak havoc.
