Australia: Deloitte, the receivers and managers of troubled luxury yacht builder Riviera yesterday announced the implementation of company restructure at the Coomera production facility.
‘Riviera will now be in better shape to weather the current economic conditions and to meet the ongoing demand for quality Riveria products,” said Deloitte partner, Chris Campbell. “Under the new structure, production and ongoing trade with suppliers will continue. Mr Campbell confirmed that the restructure is not expected to cause delays in boat production for Riviera clients. At the general employee meetings held by Receivers at the commencement of the receivership Mr Campbell advised staff that restructure planning would take at least a couple of weeks. He also informed staff that the receivers’ team and key management were working on the restructure and that the necessary change would result in head count reduction. As a result, of a total of 445 permanent full time staff, approximately one third of staff were made redundant. The latest cut follows a long-term decline in staff numbers. At its peak, Riviera had over 1,000 employees. While wages for these staff will be paid to date, Mr Campbell expressed his regret about not having the funds within the business to pay employee entitlements.