One month after shutting down the Warrens branch of Pages Bookstore, operators of the rebranded Bridgetown Duty Free retail stores are closing another branch of the bookstore.
The retail company, which now has full ownership of the former Cave Shepherd Stores, has told customers it has permanently closed the Worthing, Christ Church outlet of the well-known brand.
The action took effect last Friday, eliminating the bookstore’s footprint to a single outlet at Broad Street, Bridgetown.
The company has not given any details on how many workers have been affected by the corporate decision. In recent months, however, the Cave Shepherd outlets have cut ties with several workers and long-serving senior staffers.
The Pages Bookstores had represented part of the Cave Shepherd Group diverse brand. However, after two years of staggering losses in the retail group, some made worse by the COVID-19 pandemic, chairman Sir Geoffrey Cave and chief executive officer John Williams, announced last year that it would cut ties with its investment with the flagship brand and sell its investments to 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” near $38 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 cut its massive losses in the retail sector and shifted the build of its operations to 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)