Recent news from Brunswick Corporation (NYSE: BC) has been virtually all negative.

A major drop-off in the company's boat business, sagging sales of its marine engine unit, apparent dissatisfaction among company employees and others in CEO Dusty McCoy, and a continued decline in consumer sentiment have created a virtual tsunami of events, culminating in a 40% decline in revenues and a loss of $500,000 in the most recent reporting quarter.

Brunswick's bowling centers, billiards business and fitness manufacturing are currently carrying the company and represent the best chance for the company to generate needed cash by selling these operations.

Even these units have not been immune from the expense cutting axe, suffering layoffs, furloughs and reduced work weeks.

Life Fitness, for example, recently placed some of its staff on a four-day, 32-hour week, loosening the company's hold on critical employees. In addition, the sale and leaseback of many of Brunswick's bowling centers, while raising cash, has added long-term fixed costs.

Among the issues raising questions regarding the company's CEO is the attempt (begun under McCoy's predecessor, George Buckley) to become the "Toyota of the boating business" by acquiring numerous brands.

McCoy believes that these moves position the company well when the economy turns. It is his view that the combination of plant closings, cost reductions and production efficiencies resulting from consolidation will result in increased market share and profitability at the turn of the market.