The Hydrofoils have had a good run but the board company, Ocala, has announced it will be laying off employees and cutting back on staff to help it compete against cheaper competitors.
The company has announced the layoff in its first-quarter financial results, but the news is just the latest blow to the iconic board.
The Hydrofoiles board is one of the most recognisable brands in the world and has been in operation since the 1930s.
But its reputation has suffered since its debut in 1974.
In 2017, the company had to pay $3.6 million to settle claims that it misappropriated funds from its own account, and a $1.3 million civil penalty in a class-action lawsuit brought by employees.
A spokesperson for the company told Fox Sports the company was “not looking to make any announcements about the future of the Hydrofone Board”.
Ocala’s board will now be restructured to focus on growing the company and expanding its global footprint.
However, the news comes just days after the board of the Ocalia, Georgia-based board announced it would be cutting 1,000 jobs, while also laying off staff.
In 2016, Ocoa’s board was rocked by allegations of misconduct and illegal conduct in relation to the sale of Ocaloa’s oil-and-gas reserves.
The board’s board of directors also found itself under scrutiny after its CEO was accused of sexually abusing a former employee.