Citing several irregularities during the intervention process, the Securities regulator decided to order the liquidation of the brokerage firm Panama Wall Street.
From this moment forward, investors and creditors of Panama Wall Street S.A. must present themselves at the company's premises to declare the amounts owed to them and start due process with the authorities who will lead the settlement process.
La Riviera Colombia has submitted its companies under control of the Superintendency of Companies and twenty suppliers and customers have announced the end of their trade relations.
In a statement La Riviera S.A.S. specified that it asked the authorities to take control of the Colombian companies La Riviera S.A.S., Santafe Duty Free S.A.S. and La Riviera Duty Free S.A.S., "...
The application of Article 27 of the Emergent Conservation of Employment Act has put on tenterhooks the feasibility of permanence in the country of 125 companies operating in the free zone.
An article on Prensalibre.com reports that "... the Emergent Conservation of Employment Act , in force since March 31, 2016, specifies that 43 activities can not be produced or marketed and developed from free zones, including pharmaceuticals, cosmetics, plastics and machinery, among other things. "
The Mexican juice maker has announced the closure of its production due to a reorientation of investments at the regional level.
The company announced through a press release the closure of operations starting from February 26 in the Central American country, where it set up in 2009 and in which invested about $20 million. After closing the factory, the company will keep only the marketing and distribution of products in the country.
Burger King Costa Rica has announced the closure of 29 restaurants operating in the country, after a decision was taken by shareholders and the franchisor BKC US.
Since February the franchise has closed four of its stores in the metropolitan area, citing a lack of financial viability. See: "More Fast Food Closures in Costa Rica".
Florexpo indicates excessive paperwork as the main reason behind the decision to close its operations in Costa Rica and move to Guatemala, making 400 employees redundant.
"In Guatemala an import permit seed is processed in two weeks and is effective for one year, while in our country, unfortunately, the process takes four months and the validity of the permit is for a month, this made it impossible to program negotiations and increased business costs by 300%. "
Representatives from the international franchise Burger King in the country have announced the closure of four outlets, due to "bad business results".
The outlets which will cease operations are located in the Paseo Metropoli shopping center, Plaza Real Cariari, Santo Domingo and Heredia . These closures are due to the fact that these branches "... are not financially viable, they are located in areas which are not very strategic and have produced bad business results. "
The company founded on Costa Rican capital, Jack's Foods, has announced that within five years it will transfer 50% of its production activities to Nicaragua, El Salvador and the United States.
From a statement issued by Alimentos Jack's:
Alimentos Jack's, a company founded on 100% Costa Rican capital, has decided to continue its expansion outside of Costa Rica and is planning to transfer 50% of its operations within five years, to the United States, El Salvador and Nicaragua.
The restaurant chain Bagelmen's has closed seven stores which had been operating in the country for fourteen years, in addition to the recent closure of Wendy's, which closed its doors in early January.
Bagelmen's is the second large fast food chain which has closed its operations in the country this year. The closure of seven premises located in San Pedro, Lindora, Rohrmoser, Sabanilla, Heredia, Escazú and Guinoes, was announced by the owners of the company on January 24, without providing further details.
Citing unprofitability the investment group owner of the US franchise Wendy's has announced the closure of its operations in the country.
From a statement issued by Comidas Rápidas Wentica S.A. (Wendy's Costa Rica):
Comidas Rápidas Wentica S.A., operator of the restaurant chain Wendy's Costa Rica, under the principle of responsibly to shareholders, has decided to close its 10 stores in the country permanently, citing reduced the chain's profitability, due to the fact that Costa Rica is the third country in the world in terms of the number of restaurants per square kilometer.
An unfavorable business environment has forced the retailer Max, a subsidiary of the Guatemalan Distelsa Group, to close six stores after ten years of operation in the country.
Difficulties in achieving sales targets proposed by the company and unfavorable investment conditions in the country are part of the reasons that led the company to close its Max stores in El Salvador.
Campos de Pesé has indefinitely suspended the production and marketing of ethanol because the price set by the government for the biofuel does not even cover the cost of acquiring sugar cane.
The 40% decrease in the ethanol price established by the government last August affected the cost structure of the company, which in a statement sent to the media said that the decision taken by the government "...
A company producing polyethylene products has closed part of its operation in Costa Rica due to the high cost of production in the country and transferred its factory which is now operating in Nicaragua.
The high costs that firms have to incur to produce competitively in the country is the main reason behind the partial closure of the Yanber company's operations in Costa Rica and its transfer to Nicaragua.
The CEO of the multinational confirmed that the closure of the plant did not respond to reasons of global strategy but to the high operating costs in the country.
An article in Crhoy.com reports that in a presentation for employees of the company, the executive director of Intel, Brian Krzanich said that "the decision in Costa Rica was not part of plans to reduce the company's overall payroll but 'had more to do with the cost of this operation, the long-term operational cost of the plant. We spent several years working with the Government of Costa Rica, trying to reduce the overall cost of this operation.'"
The business climate, smuggling and taxes have forced the tobacco company to close its operation in the country.
In a letter sent on March 5, to their suppliers, British American Tobacco announced the closure of its operations in El Salvador. The increase in smuggling and lack of competitiveness in terms of cost are some of the reasons for its departure.
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