In Panama, 13,775 corporations were registered in the country during 2019, 4.6% more than those reported in 2018.
The most recent figures from the Office of the General Comptroller of the Republic detail that between 2018 and 2019, the number of corporations registered in the country grew by 4.6%, from 13,171 to 13,775.
Tony Roma's decided to close its operations in the country as of January 17, adding to the recent restaurant closures that have been reported in recent months.
According to signs placed at Tony Roma's restaurant in San Rafael de Escazu, the closure is due to a remodeling, however, according to letters given to the former workers, the reason for the dismissal is because of the closure of the business in the country.
The German company, Amoena, reported that it will close its operations in the country, arguing that its main textile suppliers moved their operations to Asia and need to get closer to that market.
The company is a producer of bras, bathing suits and other products for women who have suffered from breast cancer and underwent mastectomies.
Despite efforts by the new owners to keep the company afloat, the Yanber Corporation has decided to stop operations at the flexible packaging factory in Costa Rica.
Almost two years after the bank was taken over and after a missed sale, the Superintendency of Banks has ordered its liquidation.
From a statement issued by the Superintendent of Banks:
By Resolution SBP-0015-2017 of January 27, 2017, the Superintendency of Banks of Panama has ordered the effective administrative liquidation of BANCA PRIVADA D' ANDORRA (PANAMÁ), S.A. from two p.m. (2:00 pm) of January 30 2017, based on Article 16, Ordinal I, paragraph 4; Article 154 et seq of Chapter XVIII, Title III of the Banking Law.
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.
The chain of fast foodrestaurants Hooters has announced the temporary closure of its branch in San Salvador due to the climate of insecurity and violence in the country.
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.
The country which used to stand out in the region because of its good relative level of economic, social and educational development, is accelerating its march downhill in terms of productive competitiveness, income distribution and training.
Noting high production costs, Incesa has announced the closure in Costa Rica of its sanitary ware manufacturing plant, and its installation in Guatemala and Nicaragua.
Incesa Standard, a subsidiary of the Colombian company Corona, will start closure of operations gradually over the first six months of the year. The company argues that in the production process costs for labor and energy are very high, preventing the continued operation of the plant in the country.
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.
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 ethanolprice 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 "... changes the rules of the Game and violates legal certainty. "
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