Erik Buell Racing closing East Troy facilities, laying off 126
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EAST TROY—Erik Buell Racing announced Wednesday it's permanently closing its East Troy facilities at 2799 Buell Drive, laying off 126 workers, according to notice sent to state officials.
A notice sent to the state Department of Workforce Development from Erik Buell states the company failed to acquire capital investments to avoid or postpone the decision. Erik Buell Racing is closing as part of the Chapter 128 receivership process and expects its assets will be sold, the letter reads.
Chapter 128 receivership is an alternative to bankruptcy, according to the Wisconsin Bar Association website.
The company didn't provide earlier notice to employees because it “reasonably believed that such notice would have impeded its ability to obtain additional financing,” the notice reads.
The state Dislocated Worker Program will help the affected workers and employees, according to a news release.