Fort Lauderdale-based Island Global Yachting laid off about 40 of its approximately 800 employees, director of public relations Chuck Smith told Soundings Trade Only.
“We know we’re not going to be buying a lot more properties over the coming year, so we’re doing some restructuring,” Smith said, citing the credit market as a reason why the company expects to slow its purchasing.
Last week, Island Global Yachting announced a new division to expand its role in marina management services, saying it was “actively pursuing” third-party contracts to manage marinas or provide other professional services.
IGY has marinas in the Caribbean, the Americas and the Mediterranean. The company is designing, developing and managing up to 40,000 berths for Nakheel & Istithmar World in Dubai, UAE. The first project, Anchor Marina, will be completed in the coming weeks on the Palm Jumeirah.