It appears the restructuring process at the rebranded retailer, Bridgetown Duty Free, has started with the announcement this week that it was permanently closing the Pages Bookstore in the Massy Store at Warrens.
The action took effect last Saturday and was posted in a notice to customers. The company said the bookstore’s outlets at Worthing, Christ Church and Broad Street in Bridgetown would remain open.
The Bridgetown Duty Free has not indicated if there were job losses as a result of the action.
The Pages Bookstores were a longstanding component of the Cave Shepherd Group, however, after two years of significant declines in the retail group’s performance, chairman Sir Geoffrey Cave and Chief Executive Officer John Williams, announced last year that it would take the dramatic step of walking away from the 20-year investment in Duty Free Caribbean.
That corporate break was formalised recently, and the iconic Cave Shepherd Department Store on Broad Street, which was established more than 100 years ago, was rebranded Bridgetown Duty Free.
After suffering what Sir Geoffrey and Williams described as an “unprecedented” $37.7 million loss in the first six months of the 2020 financial year, the Cave Shepherd Group announced major restructuring of its retail operations. The losses continued in the second half of the last financial year.
The Cave Shepherd Group has now shifted its focus from retail and is anchoring its operations in the financial services sector. The group now comprises Fortress Fund Managers, SigniaGlobe Financial, Cave Shepherd Card Services and DGM Financial Group, which is a trust and corporate services international business company. (IMC1)