Gibbons Company notified employees internally in early March of the retirement of 9 long serving employees and 3 redundancies across the group.
A statement released by the Company said, “The decision came as a result of the continued decline in retail sales and the need for the company to make readjustments to its business model in order to remain competitive.
“Gibbons Company like many other international and local businesses has been forced to make some difficult decisions in order to sustain a healthy business in Bermuda.
“Gibbons Company remains committed to Bermuda and will continue to employ and develop Bermudians with a keen interest in retail in order to give the Bermuda community the best choice, at a fair value with excellent customer service.
“Gibbons Company was founded in 1916 and since that time has grown significantly, expanding its retail products and services to include women’s, men’s, children’s, the home store, shoes and accessories and MAC cosmetics.
“Bermuda’s locally owned and largest department store employs a workforce of 89 Bermudians who most of which have been with the company for 10 – 20 plus years. Gibbons Company is the leading distributer of global fashion brands such as Jones New York, DKNY, Lacoste, Mango and many others.”
Paula Clarke, Chief Executive Officer of Gibbons Company said, “There is no doubt that making these kinds of decisions is difficult for all of us. We have been in dialogue with the team for quite some time about the business, the economic environment and the potential for restructuring. We value the contributions that our employees make for the ultimate success of Gibbons Company and it is with great regret that we announce the recent retirements and redundancies.”
Ms. Clarke continued by saying, “The harsh reality of the current economic environment in Bermuda means that there is simply less spending occurring across the island within multiple retail sectors. Everyone is being affected. In order to remain a viable retail provider we must remain vigilant as to the trends and business indicators occurring both locally and around the world.”