As a result of the emergency that Costa Rica is going through due to the spread of the coronavirus, Bridgestone announced that it will temporarily close its industrial plant located in Belen, Heredia.
The company announced that its plant will remain inactive from March 26 to April 12 and that none of the 1,000 employees working on the premises will be dismissed.
The TGI Friday's chain decided to close its store located in the Oxygen Human Playground shopping center, in the province of Heredia, for a 90-day period.
"As you know, the food and beverage sector has been highly impacted, which is why we have taken the measure to suspend operations at our Friday's Oxygen store," explained a statement issued on March 21 by the company.
Identifying critical business needs and setting up plans on how to maintain supplies and operations, as well as establishing communication channels with suppliers to be informed in case of any eventuality, are part of the advice for companies.
The coronavirus has already affected the world economy, and its effects do not seem to stop.
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 Hooters chain announced that since February 3rd it closed definitively the establishment that was in Moravia, arguing that the sales levels required to be sustainable were not reached.
An official statement details that the closure was made because of " particular circumstances of the area (Moravia) that have occurred during the last year."
Arguing that there were problems of profitability, the Applebee's chain decided to close the three service centers it was operating in the country.
The restaurant franchise was operated in Costa Rica by the company Dine Equity, and the premises that were closed were located in Terrazas de Lindora, San Pedro and Cariari.
In the first nine months of 2019, 4,715 companies were closed, 13% more than the total number of companies closed during the whole of 2018, which could be because of the entry into force of the Personal Income Tax Law.
Since 2017, the year in which the Corporate Income Tax Law came into force, the number of corporations that closed their operations in the country began to increase.
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.
The company reported that by 2020 will close its Financial Shared Service Center in Costa Rica, as part of a corporate strategy focused on fewer centers, but larger.
"While we will close this center, Amway remains committed to the Costa Rican market and will continue to provide support to our businessmen and customers, our commercial operations in Costa Rica will continue normally," states a company statement.
In Costa Rica, Aldesa Corporación de Inversiones applied for judicial intervention because of lack of liquidity and announced the closing of the stock exchange.
From Aldesa's press release:
March 8, 2019. The uncertainty generated by the fiscal crisis among Costa Rican investors during the last quarter of 2018 led to a severe loss of liquidity in the market, which impacted the private real estate projects managed by Aldesa.
Five years after buying it, the Costa Rican state-owned electric company Racsa decided to close Fullmovil, a virtual operator dedicated to the commercialization of prepaid telephony services.
In February 2014, the Superintendence of Telecommunications announced that Radiográfica Costarricense - already in serious financial difficulties - acquired Fullmóvil, a virtual operator involved in the sale of paid telephony services.
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.
A subsidiary of Philip Morris in Costa Rica has acquired 100% of Tabacalera Costarricense, which will maintain its operation, but will suspend the production of cigarettes in the country.
The company announced that the products that up till now have been manufactured in Costa Rica will be produced at Philip Morris International's global plants.
Citing lack of raw material to continue operating, in Costa Rica the Venezuelan company Alunasa has submitted an application to temporarily suspend the labor contracts of 300 employees.
The Directorate of Civil Aviation has suspended flights by Nature Air, arguing that due to problems in the administrative structure of the company, it can not guarantee the safety of its operations.
"...According to Ennio Cubillo, executive director of the General Directorate of Civil Aviation (DGAC), the measure was taken due to the resignation of the operations manager, the incapacity license of the air safety chief, ... and the death of the head of pilot training, Juan Manuel Retana."
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