A drop in tourist numbers is a major factor in the decision of campervan builder C.I. Munro to make 67 of its 90-strong workforce redundant.
The Hamilton-based company, owned by Tourism Holdings Ltd, has been struggling for some time.
In the second half of last year, C.I Munro made a loss of $3.2 million and in a restructuring move in February it laid off 20 workers.
The Chief Financial Officer of Tourism Holdings, Ian Lewington says the global recession is to blame.
"We are hunkering down for the next 12-18 months, until things pick up. There's the Rugby World Cup (in 2011) and the world economy will recover, recessions always end," he said.
Mr Lewington says the company will talk to the union about extending the consultation period beyond a week but it's not likely to happen because of a lack of forward orders.
He says the company will look at job sharing but has ruled out a nine-day fortnight.