More Layoffs At Hawker Beechcraft

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Hawker Beechcraft has issued layoff notices to 350 employees, the Wichita Eagle reported on Tuesday. The company, which has been struggling with more than $2 billion in debt, said in a letter to employees (PDF) that "market conditions are requiring us to adjust our overall production cadence to help ensure the company will compete effectively in the future." The notices provide a 60-day warning to workers before they are out of a job. "We are in the process of synchronizing our production line by making changes to previously planned schedules and resizing our work force," according to the letter.

Last week, the company reported a net loss of nearly $633 million for 2011. In Monday's letter, Hawker Chairman Bill Boisture and CEO Steve Miller told employees, "We continue to manage our way through a challenging and rapidly changing environment while implementing transformations across our company." In a filing earlier this month with the federal Securities and Exchange Commission, the company said it may not be able to stay in business in its current form.