Northern Beef Packers announced temporary layoffs for 108 of its 420 employees until the company can raise enough money to buy more cattle, according to the Rapid City Journal.
The plant currently processes 200 head per day from the Dakotas, Nebraska, Iowa and Minnesota. The plan is for furloughed employees to return by late July so the plant can process 1,500 head per day.
David Palmer, Northern Beef Packers president, said the company is working with investors, food companies and international trading companies to raise an additional $20 million. The plant already has raised more than $150 million.
