JEFFERSONVILLE, Ind. (WHAS11) -- A Kentuckiana company is making some significant cuts as we approach the holiday season.

Jeffboat in Jeffersonville will be laying off 278 employees over the next several months.

Company officials blame the decision on an industry-wide decrease in demand for the barges they make.

Jeffersonville's Mayor Mike Moore issued a statement expressing his sadness about the cutbacks. Read his statement here.

Mayor Moore said he's confident that the company will bounce back, but the city is offering its help.