The Quick Decline of Cruise-A-Home

By 1979, the firm had expanded to build other vessels and the company name was changed to Polaris Marine Corporation. An $8.25 million contract was secured to build 7f Landing Craft Personnel Lights (LCPL’s) for the U.S. Navy. These 36-foot vessels, described by Gordon Jensen as “not really landing crafts,” were designed to operate in shallow water close to shore. Also, the company landed a smaller contract to build 12, 40-foot utility boats for the Navy. The Navy work would be in addition to the usual line of Cruise-A-Home boats. Before 1979 drew to a close, the Jensens received and offer for their company stock from the second largest stockholder. Warren Jensen insisted the prospective buyer purchase all the company stock, but when he consulted with the other shareholders, they told him the offer was fair and he ought to take it. Thus, Warren and the family sold their stock, giving the new owner control of the company. Both Warren and Gordon stayed with the form for a short time and then left to pursue other interests. Unfortunately things did not work out well under new regime. The company lost the Navy work and in March 1982, Polaris Marine Corporation filed for Chapter 11 bankruptcy. By 1983, there was no Polaris Marine Corporation listed in the Polk City Directory and 1029 Norton Avenue was shown as vacant.