The following is a news release from Titan Machinery:
Titan Machinery has right sized itself to stay ahead of the slow recovery in the construction economy and position the company for future growth.
The stores that have closed or consolidated are: Clear Lake, Iowa; Cheyenne, Wyo.; Flagstaff, Ariz.; Helena, Mont.; Bozeman, Mont.; Big Sky, Mont.; Rosemount, Minn.; and Oskaloosa, Iowa.
The store closings, reduction in force, and open positions that will not be filled represent 4.5 percent of Titan Machinery's total workforce, or 128 positions.
All closed construction stores are being consolidated to nearby Titan Machinery stores. As a result, customers of closed stores can continue their sales, rental, parts, and service support at their nearest Titan Machinery store. Titan Machinery will continue to own and operate 96 construction and agriculture stores in eleven states.
"We are confident the realignment we are implementing during the first quarter of fiscal 2015 will position our Construction segment for improved pre-tax profits and enable us to better serve our Construction and rental customer base going forward," said David Meyer, CEO. "While we are not satisfied with the recent overall performance of our Construction business, the changes we are making will enhance the overall performance of this segment."
Whenever possible, employees at the consolidated stores have been redirected into new positions. Impacted employees are being treated fairly with transition assistance. They have received an offer that includes a severance and benefits package, and the option to apply for re-hire at other Titan Machinery locations.
"Closing stores and letting people go is a very difficult and painful decision, considering the impact on hard-working employees and communities," said Meyer. "We have to make tough decisions that support our customers' business needs, manage company expenses, match the changing business climate, operate efficiently, and position ourselves for long-term growth to best serve our customers."
There is not a future reduction in force or store closings anticipated. Titan Machinery remains committed to doing what is necessary to continually increase the strength of the organization.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly-acquired locations. The Company owns and operates a network of full service agricultural and construction equipment stores in the United States and Europe. The Titan Machinery network consists of 96 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and New Mexico, including three outlet stores, and 16 European dealerships in Romania, Bulgaria, Serbia, and Ukraine. The Titan Machinery dealerships represent one or more of the CNH Industrial Brands (CNHI), including CaseIH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com