Hall Spars & Rigging has scaled back operations at its U.S. headquarters in Bristol after a planned sale of the company fell through.

The deal to sell the company, which also has branches in New Zealand and Holland, fell apart when the buyer walked away before the deal closed, according to President and CEO Tom Rossi, who said Monday he was brought in six months ago to try to fix the company’s finances.

“The company was in severe financial straits. I’ve been trying for six months to get a deal done,” Mr. Rossi said Monday. “We’re recapitalizing the company, trying to keep the doors open.”

In the meantime, the marine manufacturing company has cut production to “very limited design” work at the Bristol facility on Broadcommon Road, Mr. Rossi said. Just 10 of the company’s 52 employees in town were working Monday afternoon.

“We have people who have been here for 20 or 30 years, and they’re not at work today,” Mr. Rossi said. “The buyer just pulled out. It’s frustrating.”

Mr. Rossi said the company hasn’t given up and is in negotiations with two other potential buyers, at least one of which looks promising, he said. He hopes to secure a deal within the next couple days to keep the Bristol facility operational. The branches in New Zealand and Holland remain at full capacity, he said.

Former CEO Eric Hall founded Hall Spars in 1980, originally on Peckham Drive in Bristol. The company expanded to Europe in 2001, and opened its Holland operation in 2007. The Bristol facility moved into its larger current location on Broadcommon Road in 2004.

Hall Spars makes carbon fiber spars (masts, booms, etc.) and rigging for high-end production and racing sailboats. The company equips boats that compete in the most prestigious competitions in the world, including the America’s Cup, the Volvo Ocean Race and Med Cup, producing several winners over the years. The company is noted for having created the tallest carbon mast in the United States, at 221 feet, produced in 2012.