Headlines:
| Luxury resort to close in the Bahamas |
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| Thursday, 14 May 2009 | |
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Bahamas
tourism sector has received a major blow with the announcement of the closure
of a large luxury resort. A statement from the Cabinet Office said the Four Seasons Resort Great Exuma, which opened in 2003, will close on May 26. Most of the 500 employees will be dismissed within 30 days. The government has said some staff will be retained for the transition period to new ownership and that it would assist with the search to acquire new investment so the luxury property can be re-opened. The resort is part of a 500-acre development that includes a marina and a golf course. Its closure was brought about because the owner of the master development, EBR Holdings Limited, struggled with debt and was placed into receivership. The Four Seasons chain said it was unlikely that the resort would re-open under the Four Seasons brand. Word of the closure and the job loses is another hit to the tourism sector, which has been reeling from the impact of the global economic slowdown. More than 1,000 workers have already lost their jobs due to cutbacks at other hotel and tourist properties. |