Cave Shepherd cutting back after $37.7m loss

The Cave Shepherd Group is contemplating walking away from its 20-year investment in Duty Free Caribbean (Holdings) Ltd.

Shaken by an “unprecedented” $37.7 million loss in the first six months of this year, as the COVID-19 pandemic stopped tourism and crippled the regional travel retail business, Cave Shepherd has decided to cut its losses and step back from Duty Free Caribbean.

News of the decision was communicated to Barbados staff and shareholders attending the annual general meeting on Wednesday, and to the public in published notices yesterday in the Press and on the company’s website by chairman Sir Geoffrey Cave and chief executive officer John Williams.

This latest development comes says after Duty Free Caribbean announced a major restructuring and notifying staff that 80 of them were likely to be made redundant.

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