Arctic Cat Closing North Loop HQ
Less than a year after Arctic Cat moved from its suburban Plymouth headquarters to a swanky new space in the North Loop, the company’s new owner said it was closing the new location.
Rhode Island-based Textron—which acquired the company for $247 million last year—told employees on Tuesday that the office at 500 North Third Street in Minneapolis would close by the end of the year, according to the Star Tribune.
The closing affects about 60 employees. A spokesman for Textron said most workers would be able to transfer to similar positions in Arctic Cat’s St. Cloud facility, which currently has a manufacturing facility and office.
The consolidation will bring not only several white-collar positions to St. Cloud but also several manufacturing ones, too. Textron told the St. Cloud Times that the production of its Stampede engine would move from Germany to central Minnesota location.
Textron is working to find someone to rent the space, reports the Star Tribune. That may not be an issue for the company, as the space was only just recently renovated and demand for the industrial-turned-trendy neighborhood remains high—especially for startups, software companies and boutique retailers.
Arctic Cat was betting on tapping into that energy when it moved into the space. Former CEO Christopher Metz called it “a new era” for the company and said, “The Minneapolis North Loop is an historic and trendy warehouse district, making it a terrific complement for our iconic brand.”