Gia Anderson, CEO of CAC 2000, says the company is currently experiencing cash flow challenges and, as a result, it has closed certain outlets in order to reduce costs and to ease the cash-flow strain.
The company recently shuttered its Montego Bay and Village Plaza outlets as part of its cost cutting and efficiency improvement programmes.
Ms Anderson revealed that there is a certain customer segment, which makes up a significant part of CAC's trade receivables, which amounted to $869.6 million as at July 31.
This is a big increase from the $628.9 million confirmed during the same period the previous year.
The CEO also stressed that it is against this background that the company decided to close some outlets.
These moves follow a net loss of $29.7 million during the quarter ended July this year and net losses, year to date, of $73.9 million on revenues of $221 million.
Revenues were down from $307.3 million during the same period of the previous year.
This was mainly due to a downturn in project activities.
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