Brunswick Corp. (BC) is expanding its payment-protection plan to
include nine more of its boat brands, saying it is the first
large-scale payment program by a marine manufacturer in an attempt
to ease consumers' worries about rising unemployment to spur
sales.
The effort, which includes making monthly payments for
purchasers if they lose their job, follows similar promotions by
auto makers including Hyundai Motor Corp. (HYMLY), Ford Motor Co.
(F) and General Motors Corp. (GM).
Brunswick's program comes as the recreational outdoor and indoor
products maker has recorded a string of quarterly losses, resulting
in shuttered plants and slashed jobs in a series of
restructurings.
The company expanded the promotion from three of its brands to
12, under which it will make monthly payments of as much as $500
for up to nine months for eligible buyers who lose their jobs. The
promotion continues through the Fourth of July weekend and
customers must take delivery by July 6.
Shares recently were down 2.5% at $4.63. The stock is down 70%
in the past year.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473;
tess.stynes@dowjones.com