USF1: The Dream is Dead

A Charlotte-based Formula One race team has ceased operations. USF1 was scheduled to make its debut at the Bahrain Grand Prix, the season-opening race held March 14. But the shop sent its employees home and went dark in early March. Ken Anderson, president and chief executive of the team, e-mailed employees today with a permanent layoff notice, citing “serious economic and funding challenges.”

At least nine employees have filed wage complaints in March with the N.C. Department of Labor because they had not been paid. Thursday’s permanent layoff notice said employees could be rehired if business conditions improve. The letter was signed by Anderson, who could not be reached.

[Source: Charlotte Business Journal]