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Fisker is closing its Manhattan Beach headquarters, employees say

Grace Kay   

Fisker is closing its Manhattan Beach headquarters, employees say
  • Fisker is closing down its Manhattan Beach headquarters, three sources told Business Insider.
  • The company has said it could run out of money and file for bankruptcy.
Fisker has begun to close its Manhattan Beach office, the site of the company's headquarters, three company sources told Business Insider.

Last month, the electric carmaker began telling workers at the office in Manhattan Beach, California, that they would be moved to the company's site in La Palma, California, by May 1, three workers with knowledge of the change told BI.

Some workers were told to collect their belongings from the Manhattan Beach office in preparation for the move, the sources said.

The two facilities are located about 25 miles apart in California. Fisker began leasing its 73,000-square-foot headquarters in 2020. The La Palma site had been initially set up as a research and development space.

A spokesperson for Fisker declined to comment, as did a spokesperson for Continental Development Corporation, which is the company that leases out the office space.

The move comes as Fisker faces headwinds from a slowdown in the EV industry. The carmaker has warned multiple times over the past few months that it could run out of money and file for bankruptcy within the year.

On April 23, Fisker said in a regulatory filing with the Securities and Exchange Commission that it had just $54 million in cash equivalencies as of April 16 and "believes that its available liquidity will not be sufficient to meet its current obligations."

Fisker has said it's looked for additional funding or a potential buyer. In April, Fisker CEO Henrik Fisker told staff that the company was in talks with four different automakers regarding a potential acquisition.

The company has initiated a series of layoffs over the past few months and warned workers on April 29 that they could be laid off and Fisker's "facility will close" in two months if the automaker is not able to change its course.

Do you work for Fisker or have a tip? Reach out to the reporter via a non-work email at gkay@businessinsider.com

Correction: May 7, 2024 — An earlier version of this story misstated the distance between Fisker's Manhattan Beach and La Palma locations. It's about 25 miles between them, not 40.

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