MERIDIAN, Miss. – Nearly one hundred employees were laid off in Tuesday with the closure of Peavey Electronics’ A Street Plant in Meridian.
Owner and found Hartley Peavey told the Meridian Star that the company is having to restructure in order to stand up against foreign competition. He also said corporate tax rates in the U.S. and rising electricity costs in Meridian are not helping either.
Peavey continues to be one of the largest makers of musical instruments and sound equipment in the world. The company will still continue to employee 270 people in Meridian.