Princess restructuring

UK-based Princess Yachts is restructuring and plans to cut 55 jobs, about 2.5 percent of its 2,148 employees

“The past year has presented some significant challenges to many companies,” managing director Chris Gates said in a statement. “We have successfully weathered these and are in good shape for the future.”

The 50-year-old company is expected to launch several new yachts in the coming months, and it recently announced it will continue its apprenticeship program. Princess builds fiberglass yachts up to 130 feet (40m).