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Fisker to Cut More Staff

Struggling electric-car maker Fisker Automotive Inc. dismissed 150 of its remaining 200-employee staff on Friday, according to a person familiar with the matter.

Fisker board member Raymond Lane confirmed on Friday that layoffs are taking place, but he said he didn’t know the exact number of affected employees. Mr. Lane is emeritus partner at Fisker investor and venture capital firm Kleiner Perkins Caufield & Byers.
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Tony Posawatz, President and CEO of Fisker Automotive tells WSJ’s Alan Murray at the 2013 ECO:nomics conference that adoption of new clean technologies will take years and that investors should be patient.

The Anaheim, Calif., designer of a $100,000 sports car, furloughed 200 U.S. workers in March for a week to conserve cash, while continuing a long-running effort to seek buyers or investors that would help it resume vehicle production that was halted last July. Some of the staff that were furloughed and brought back in March are now being dismissed.

“Our efforts to secure a strategic alliance or partnership are continuing in earnest, but unfortunately we have reached a point where a significant reduction in our workforce has become necessary,” the company said in a statement.

The statement did not say how many employees were dismissed. it said it expects to have “retained approximately 25% of our workforce” at the close of business on Friday. Last month, it said it had 200 employees.

The company has been looking for a large investor or acquirer, but talks with at least two interested parties fell apart last month. Fisker has hired restructuring lawyers at Kirkland & Ellis LLP to explore a possible bankruptcy-protection filing, The Wall Street Journal reported last month.


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