WARSAW — Just eight months after laying off more than 1,800 workers, Monaco Coach has shut down all of its operations in Northern Indiana.

The decision leaves almost 700 workers at Monaco-owned plants in Milford, Goshen and Warsaw out of a job.

In fact, between the three plants here and Monaco's Oregon headquarters, the company laid off almost 95 percent of its remaining workforce Monday.

It's a "last ditch effort" to help Monaco stay financially afloat. It's also left hundreds across the area wondering if they'll start sinking, too.

On December 15, Troy Hill and more than 500 of his fellow workers at Warsaw's Monaco owned "R-Vision" plant were put on furlough as production ground to a halt.

He expected it to last a few months.

They said they were going to start production, call people back as necessary," Hill said. "I always, up until today, expected that we would go back to work eventually."

But a letter today changed all that. It read "you will be permanently discharged on March 2."

For Hill, the postmark, reading March 2, was an extra slap in the face. One some say was illegal.

Indiana law requires a "WARN" notice of at least 60 days before a mass layoff like this one, but a Monaco spokesman says the company had "extenuating financial circumstances."

"We did not give 60 days notice," spokesman Craig Wanichek admitted to WSBT. "But the banks required us to downsize in order to keep our financing. The company had no choice but to give notice today."

It may be legal, but Hill doesn't like it.

"We're the ones who get the short end of the stick," he said.

Neither do local leaders. They're already facing a local unemployment rate over 11 percent.

"It means that we'll have obviously more people looking for jobs, and more people having to tighten their belts," said Joy McCarthy-Sessing of the Kosciusko County Chamber of Commerce.

And this may not be the last of it. Monaco's vice-president of human resources said in a letter to workers Monday that without the addition of new capital, the company may cease its entire operation.

After more than a decade at R-Vision, Hill's father got a letter, too.

"He's 61. So he's got a real hard future. Who's going to hire a 61 year old?" Hill asked.

They are tough questions suddenly hitting home for many, forced to face uncertainty again.

Wanichek said Monaco is actively seeking new financing right now that could allow them to eventually "re-expand" their operations.

But both Warsaw's R-Vision and Bison plants in Milford and Goshen were shut down and locked up Monday. Wanichek says that's the way they'll stay, new financing or not.