Puerto Rico Takes Another to the Chin

In a continuing string of bad economic news, Puerto Rico took another one right on the chin; right where it hurts us the most. Biovail, a specialty pharmaceutical company, has announced that they have a new strategic focus, and Puerto Rico isn't in that focus. The pharmaceutical company announced that they would be closing both of its plants in Puerto Rico over the next 8 to 24 months. They estimate that about 250 employees are affected.

Of course, this is right on the heels of T.G.I. Friday's recent announcement that they would be leaving the island, once again. It was a rude awakening for Friday's employees when they showed up for work recently and found the doors of the three locations chained shut. Claiming a loss of over $600,000 for the current year, the owners decided that closing was their nest option. Another 275 employees were affected.

And speaking of restaurant closings, two other well known establishments closed recently as well. Zabó, which is located in Condado, closed after 15 years. Apparently negotiations broke down when they were trying to reach an agreement with their landlords concerning a renovation of the establishment. In addition, Yuan, which was located in the Royal Bank Center en Hato Rey, also closed it's doors. Yuan closes after 24 years of operation.

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