IGY lays off staff due to Global Financial Squeeze

by Jeni Bone on 14 Nov 2008 Island Global Yachting (IGY) has released details of recent staff reductions, citing the current the financial problems and fluctuations as the company reasoning behind the decision.

IGY anticipate that its property acquisition and development efforts will slow, and as a result they report that the reductions will constituted approximately 4% of their 800 strong global workforce, with the focus of the reduction on IGY’s acquisition and development units in the Americas.

Frank Garrison, chief executive officer of IGY has said 'the current global credit crunch means that, like virtually every other company in the world, we will not be able to obtain debt financing for the foreseeable future' adding 'we are being prudent in reducing our activities in the areas that rely upon debt financing'.

IGY report that they will continue to make selective acquisitions in key markets and to grow its marina management business. Charles Garner, president of IGY has said 'our core business of operating luxury marinas remains strong and property owners recognize that they can obtain enhanced customer service and higher profits through IGY management of their properties.'

Island Global Yachting (IGY) is one of the world’s premier owners, developers and managers of luxury marinas and yachting lifestyle destinations. The company thrives with an unprecedented international network dedicated to elevating the standards of marinas by providing state-of-the-art infrastructure and extensive expertise in a variety of disciplines.

From the islands of the Caribbean to the azure waters of the Arabian Gulf and other beautiful yachting destinations around the world, IGY is redefining the very idea of luxury marina experiences. Developing more than a collection of unforgettable marina experiences, IGY uniquely integrates the world-class capabilities of an interdisciplinary team of experts in the areas of design, development, engineering, branding & marketing and marina operations to deliver a new benchmark in world-class waterfront destinations – one that makes arriving one of the best parts of the journey.

The company was founded in 2005 by Andrew L. Farkas and focuses on acquiring, controlling, and/or servicing luxury yacht marinas and the surrounding upland real estate properties to create and maintain world-class yachting lifestyle destinations.

Island Global Yachting marinas operate under the signature Yacht Haven Grande collection and the IGY series brands, as well as several private labels. Headquartered in Fort Lauderdale, FL, IGY also has offices in New York, NY; St. Thomas, USVI; and Dubai, UAE.

Through IGY, Island Capital Group has created one of the world's premier brands for megayacht and luxury yacht facilities and services.

More at www.igymarinas.com