Coastcast Corporation announced Wednesday that it intends to cease operations.
Hans Buehler, Chairman and CEO, stated: “It is with a heavy heart that I am writing this announcement. After almost 25 years in business, the board of directors has determined that it is in the best interests of the company to wind up the company's business operations. The very recent diminishment of orders leaves us no other choice at this time. We do not believe it is in our best interests to hang on and dissipate the remainder of our assets. We will present a plan of liquidation to shareholders for consideration.
“During these many years we had the good fortune to have many loyal employees, customers, suppliers, shareholders and directors. To all of them, I extend my thanks and gratitude.”
