GSC: Reducing Operations Effective Immediately
GSC Limited said it is with “great regret” that they provide notice that GSC will be “reducing its operations effective immediately.”
Last week GSC confirmed that they laid off 22 workers, 10 of whom are Bermudian, citing a downturn in local construction.
Speaking today a spokesperson said, “GSC Limited has existed for the past fifteen years and has seen both upticks and downturns in the economy. Over the past three years we have experienced a continued decline in major construction. We have also experienced challenges in collecting amounts due from residential and commercial customers following the provision of service to them.
“This has had a negative impact on our cash flows and has impacted our ability to settle accounts as they have become due. We have therefore made the decision to reduce operations in the interest on stemming the continued deterioration of GSC Limited.
“GSC Limited has employed a number of persons in various trades. We have made arrangements for most of our employees to secure employment with alternate organizations. The majority of staff inclusive of Bermudians and non Bermudians were employed at the KEMH site.
“Those employees are expected to continue their employment on that site with another employer. That employer has been actively involved since the projects inception and has a solid understanding of the project. They also have the firm ability to ensure no delays or disruptions will occur as a result of this occurrence. In all these efforts will see the vast majority of staff accommodated as we seek to ensure continuity for their households and families.
“We would like to thank the Bermuda public for its support over the past many years and are saddened by this turn of events.”
