A company built for speed has been forced to slow down in this recession.
Fountain Powerboats filed for chapter 11 bankruptcy protection this week.
The man who started it all doesn't plan on letting some rough water stop him.
"This is the last one that we're actually building,” said Fountain Powerboats founder Reggie Fountain, Jr.
For now, this is the end of the line at Fountain Powerboats.
It’s the last boat built until the company comes out of bankruptcy.
Founder Reggie Fountain, Jr. has had his share of bumps and bruises while racing and setting speed records over the years.
He says seeing the company he started 30 years ago go through this hurts just as much.
"I was always embarrassed with every race I ever lost, every football game our team ever lost,” Fountain said. “It was always an embarrassment. This is an embarrassment to me too."
Fountain Powerboats is a shell of its former self.
Its parking lot stands empty.
The company that once employed more than 450 people will try to survive the recession with only a dozen.
The recession has hit Fountain particularly hard.
Demand for high-quality luxuries came to a halt.
However, business analysts say the troubles for the specialized industry don't signal broader concerns.
"This is not on its own a snapshot, a negative snapshot of the economy as a whole,” said East Carolina University Business Dean Rick Niswander. “It's certainly negative for Beaufort County."
Fountain Powerboats plans to stay in the game.
Its founder says the company has 11 potential investors for its next phase.
The business will concentrate on doing service repairs, selling parts as well as clothing until people start buying boats again.
"You just come back,” Fountain said. “You fight hard. You bring it back to where it was and that's what we're gonna do here."
Fountain says if it doesn't go fast, you won't see it here.
Even in some slow times, it's clear he’s still moving forward.
Fountain says he expects the company to come out of bankruptcy at the end of September or early October.
The state announced last year it awarded Fountain a $12 million grant to create 250 jobs.
North Carolina’s Commerce Department says the company has not received any of that money.
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