300-plus to be laid off due to closure of Kannapolis-based racing company

More than 300 people will be laid off as a result of the closure of Kannapolis-based Stewart-Haas Racing, state records show.

Back in May, the company announced plans to close its NASCAR Cup and Xfinity Series teams at the end of the 2024 season.

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“The commitment needed to extract maximum performance while providing sustainability is incredibly demanding, and we’ve reached a point in our respective personal and business lives where it’s time to pass the torch,” the team said in a statement.

The news came nearly a year after rumors that the company’s Cup Series team was looking to scale back or leave the stock car series.

In the WARN Notice, the company said layoffs will begin on Nov. 11 and would affect up to 323 employees.

Stewart and Haas joined forces back in 2009, but their company has not scored a win in NASCAR since August 2022. In the WARN Notice, the company shared plans for one of its two owners to buy the partnership interest of the other owner.

Staff will be reduced to about 90 to 100 employees, the WARN Notice says.

The Associated Press contributed to this report.

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