COBURG, Ore. (AP) -- Monaco Coach Corp. said Monday that it has given termination notices to most of its remaining workers and that it may need to shut down permanently.
Most of the recreational vehicle maker's affected employees have been on furlough since mid-December. It couldn't immediately be determined how many workers are left.
The Coburg-based company said that unless Monaco Coach is sold or can get additional financing or cash, it could ultimately be forced to shut down its operations.
Monaco Coach has been hammered by the continued downturn in RV demand. RV sales are tied closely to consumer confidence, which has hit historical lows amid the recession and rising unemployment.
Earlier this year, the company said it hired Imperial Capital LLC to explore strategic alternatives, including a possible joint venture or merger.
Monaco Coach also was warned by the New York Stock Exchange in January that it had violated the exchange's share price and market capitalization listing requirements.
Last week, the exchange said it is considering relaxing a rule that requires shares to trade above a dollar. "That's something that we're considering, given the market environment," said NYSE Euronext spokesman Raymond Pellechia.
Monaco Coach shares tumbled 23 cents, or 50 percent, to 22 cents in early afternoon trading after sinking to a new low of 20 cents in earlier trading.