On Friday, November 2, Nichols Brothers Boat Builders of Freeland announced it was ceasing operations immediately, according to a report on www.whidbeynewstimes.com.
The company was a long-term builder for the North American marine industry, well-known for its high speed passenger catamarans and small cruise ships, as well as military boats, tugboats, fishing boats and other work boats.
According to a release issues by the company, there are several reasons for the closure. “Nichols Brothers has faced significant financial challenges in recent years and has sought additional capital to assist in restructuring the company. These efforts have been unsuccessful, due in part to pending litigation, and cash flow challenges ultimately forced Nichols Brothers to make the difficult decision to close its doors.”
The company was started in 1964.