Island Companies’ woes go beyond cruise decline
(CNS Business): Although the management of Island Companies, which is now owned by Dart Enterprises, has cited declining cruise ship figures as the reason behind its intention to close its downtown Flagship stores, sources told CNS Business that the company's troubles went way beyond the fall in cruise passenger numbers. Inside sources, who wish to remain anonymous, suggested that the decline started several years ago when the retail company began losing what was to become millions of dollars as a result of bad management decisions. Although the government’s plans for the cruise berthing facility are now on a proper course and despite the promise of more cruise calls before the year-end, at least four stores are set to close. Read more and comment on CNS Business
Category: Business
This cover story by dart is rubbish and a complete farce why didn't they close down the Caribbean Canvass Company shops in GT as well since the cause is a fall in cruise passengers? Pure bollocks.
Thank you CNS for at least highlighting the issues, the compass will never ask dart questions like that
The truth is, most of the retailers in George Town have been losing money. The only reason they have stayed open as they are is because there seemed to be light at the end of the tunnel. Unfortunately for the last 6-8years the story has been "oh yeah, we'll have the dock in two years". Two years pass and no start, another 2 years pass and no start. At some time you have to make these hard decisions. I'm sure the Kirkconnell's have been looking at these types of options but have the best interest in their staff and the island so keep funding the losses hoping this governement gets the port right. I would dare to say that if Mac still had control or the chinese were still planning to buils massive new shoppping space they would have made the same move.