The makers of the ultra-sophisticated TrackingPoint “Precision-Guided Firearm” have fired about 50 percent of its workforce in a move company officials say is intended to “restructure” the company and focus it more on sales.
The cuts come primarily in the R&D and engineering side of the house, multiple sources tell Shooting Sports Retailer, leaving the company with less than 50 employees, sources say. This is the second major layoff for the four-year-old company in less than two years, with 31 getting pink slips — including the TrackingPoint’s then-CEO and CFO — in November 2013.
In an interview, new TrackingPoint CEO Frank Bruno declined to confirm the number of layoffs, but explained the cuts indicated the company was still in good financial shape and helped structure it for growth.
“The history of the company is probably similar to a lot of young companies,” Bruno said. “The future is bright for TrackingPoint. The growth is there.”
The company announced Feb. 23 it had seen over 280 percent year-over-year growth in 2014, with a 107 percent increase in orders. Bruno declined to say how many firearms his company sold last year.
But a company insider told Shooting Sports Retailer TrackingPoint had sold about 300 guns early in 2014, with orders sales plummeting since then.
The source added the company was in deep financial trouble, an allegation Bruno denied.
“We’re taking orders every day and shipping guns every day,” Bruno said.
Read more about the TrackingPoint layoffs and the company’s future plans at Grand View Outdoors.