Harland & Wolff, the British shipyard responsible for building the Titanic, announced on Monday that it will close or divest its non-core businesses and lay off employees as it struggles due to a debt crisis.
The company did not specify the number of employees it plans to lay off, but said it will reduce payroll in non-essential areas and certain core support areas.
The company’s non-core operations include the Marine Services business, the Scilly Ferries business and the US and Australian operations.
The Belfast-based shipyard, which has struggled to keep up with competitors and was rejected for a £200 million credit line by the UK government in July, has had its finance director step down last week.
Trading in the company’s shares has been suspended since July while the company finalizes the publication of its 2023 accounts.
The shipbuilder will keep its core operations running at its four shipyards.
