Skip to main content

Layoffs at Island Global Yachting

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.

Related

DealerOutlook

Seabins Coming to Lake Erie

The devices, deployed as part of a pilot program, skim and collect debris from the water, including microplastics. Meanwhile, MBIA announces scholarship funds.

1_BOATSETTER

Boatsetter Reports Uptick in Rentals

The on-water experience company has seen triple-digit growth in pontoon and party-boat rentals, as well as fishing and yacht charters.

1_SMARTGYRO

Smartgyro Signs Distributors, Hires Sales Manager

The company said the three U.S. distributors, working with Bob Walker, will help expand its dealer network and brand recognition.

1_YEARGIN

The Upside of a Downturn

Economic challenges should push you to develop a strategy that helps you weather the storm and come out stronger on the other side.

1_TRAVELIFT.COOP

Marine Travelift Launches Co-op Program

The company received its first student, a University of Wisconsin engineering major, in the seven-month paid co-op.

1_JULY4

Trade Only Today Returns Tuesday

The e-newsletter will not publish July 4 in observance of Independence Day. We wish everyone a safe holiday weekend.

1_ORR.FUNDS

ORR Announces Federally Funded Projects

The U.S. Economic Development Administration prioritized outdoor recreation for the first time

Norm#4

Ten Ways To Sell in a Tough Economy

These keys to successful selling can help you create customers who keep coming back, even when sales dip