February 4, 2009
Christensen Yachts halts construction of Tennessee boat yard
LOUDON, Tenn.
Luxury boat builder Christensen Yachts has halted construction on a US$20-million boat yard in Tennessee once expected to create up to 1,200 jobs.
Lead investor Henry Luken cites the decline in the stock market and his own changing investment priorities. He told The Knoxville News Sentinel that he had three wealthy customers who lost half a billion dollars on Wall Street in one week.
Luken says he plans to resume work on the boat yard by year’s end.
Christensen is based in Vancouver, Wash.
The delay comes as a blow to the local boat-building community, which has lost hundreds of jobs over the past two years at Cobalt Yachts and Sea Ray.
Associated Press
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