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12/8/2004 
COURTS STORES NOT IN DANGER IN THE CARIBBEAN  
Furniture and appliance retailer Courts has said its Caribbean stores will not be affected by troubles affecting the business in the UK. Courts was trying to restructure debts of more than $500 million when its creditors rejected a proposed debt-for-equity swap, forcing the firm into administration on 30 November. It was forced to shut its 80 outlets last week after angry customers who tried to collect goods they previously paid for threatened staff and damaged shops. There are about 95 Courts outlets in 11 Caribbean countries and the region's outlets have been among the most profitable of the retailer's overseas businesses. BBC Caribbean Radio spoke to several Courts directors in the Caribbean who said their operations are separate and distinct from the UK business. In Guyana where Courts employs over 300 people, business has grown in the last year. "We are over 11% up on turnover against last year and having a very good year," said director David Burgess. "We are 23% up on profit for the same time last year. It's a large company; we have 15 stores and a market share of around 70%." Ivan recovery In Grenada, where there are three Courts outlets employing nearly one hundred people, business is also thriving, even after the island was ravaged by Hurricane Ivan in September. Errol Le Blanc, a director at Courts in Grenada said the business has recovered well from the hurricane. "In the aftermath of the hurricane there was looting throughout the country and our business was not spared," he said. "But we were able to recover quickly and our business has been back up to full operation since the middle of October and business has been trading well in the last six weeks." In Jamaica, there are 27 Courts outlets with more than 800 employees making it the region’s largest operation. Although some Jamaican outlets also suffered damage from Hurricane Ivan, its directors expect this to have minimal impact on its profits. The Courts outlets in Dominica are also doing well, and the operation has experienced growth in profits over the last three years. Reprinted from bbccaribbean.com
 

 


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COURTS STORES NOT IN DANGER IN THE CARIBBEAN