A and R Free Zone Shutdowns

As COVID-19 cases go up in the country, economic activity continues to slow down and everywhere, businesses are struggling to stay afloat. The government has rolled out a plan to assist micro, small and medium enterprises, but across the sector, larger companies are also feeling the pain and some are already facing bankruptcy.  A and R in the Corozal Free Zone, which is registered as a separate company than the A and R in the districts, went belly up and has shutdown.  The store has been closed for months due to the pandemic and business activity came to a screeching halt.  Employees have been permanently terminated and Managing Director, Rosendo Urbina Junior says that the loss is in the millions.

On the Phone: Rosendo Urbina Junior, Managing Director, A and R Enterprises

“Basically there is no economic activity in the Free Zone. They only allowed to go in there to make sure that everything is okay physically but we cannot open our doors for business being that the Free Zone caters to Mexicans. All workers have been permanently terminated there. We’ve paid them all their benefits. So basically there is no economic activity. No sales, no revenue. So that company basically has gone bankrupt as it is, the one in the Free Zone.”

Hipolito Novelo

“What would be the loss there in the Free Zone?”

On the Phone: Rosendo Urbina

“That would be hard to quantify. In terms of what is loss in revenue sales, it would be in the millions of dollars. I wouldn’t have a real figure.”