Titan Machinery closing 8 stores, eliminating 128 positionsSlow construction recovery was identified as the reason for the company’s downsizing. CEO David Meyer said in a news release that the realignment was necessary to ensure the future of the company.
By: Forum News Service ,
WEST FARGO, N.D. — Titan Machinery has closed eight of its construction stores and is eliminating 128 positions, including seven at its headquarters in West Fargo.
The company announced the closures and reductions as part of its fourth-quarter report late last week.
Slow construction recovery was identified as the reason for the company’s downsizing. CEO David Meyer said in a news release that the realignment was necessary to ensure the future of the company.
“In the fourth quarter, our parts and service business performed well, while our equipment sales and margins continued to experience challenges due to industry headwinds across our segments,” Meyer said.
Stores being shuttered include locations in Rosemount, Minn.; Bozeman and Helena, Mont.; Cheyenne, Wyo.; Clear Lake, Iowa; and Flagstaff, Ariz. The company also will reduce staff at other dealerships and seven support staff at its Shared Resources Center in West Fargo.
Titan’s three stores in the Fargo-Moorhead areas were not affected by the consolidation.
The closing of the Rosemount store will result in the elimination of five positions. The Rosemount store’s operations will be absorbed by Titan’s Shakopee, Minn., construction store.
Titan Machinery was established in 1980 in West Fargo. The company owns and operates a network of full-service agricultural and construction equipment stores in the United States.
Following the consolidation, the company will own and operate 96 construction and agriculture stores in 11 states.
“Closing stores and letting people go is a very difficult and painful decision, considering the impact on hardworking employees and communities,” Meyer said.