ICMC_in_process_of_layoffs_restructuring_Virgin_Islands_Daily_News_newspaper_Article_20181130091919

Collection: Executive Agency Records
Sub-shelf: VIEDA
Kind: Government Report
Island: St. Thomas
Date: 2019-07-24
Topics: Disaster Recovery
Pages: 1
Text: Native Text

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SE THOMAS — International Capital and Management Company is in the process ofreducing its v&fome on St. Thomas in an effort to resflctwe amid consolidation in the health care industry, according to Wayne Riggs Jr., assistant CEO for the VI. Economic Development Authority. The company 4’is a management sents organization serving Cancer Treatment Centers ofAmerica (CTCA) and other clients in the United States,” according to the website, ihich does not name any additional clients. Representatives from ICMC have not responded to requests for com ment. and a reporter was turned away at the entrance to the compww’s St. Thomas facility Thtirsday. As of Sept. 30, the company had 108 emplwees -- down from a peak of about 190, a number cited by for- met CEO Comel Williams — more than the 70 fiñl-time employees re quired for the company to continue receiving tax benefits from the Eco nomic Development Commission, Riggs said Thursday. LW Riggs said the Economic Develop ment Authority has not yet received a formal request from the company to reduce its workforce below that mini mum number, hut has indicated it is in the process offiling a petition to reduce the number of full-time mployees to 40 through layofik The move is intended to be a tempo rary one-year measure s’hde the com pany restrocunes in the face of chal lenging maiket trends in the health care industry, Riggs said. Rumors that the company had been under political pressure to move op erations to St. CmLx are unfounded, Riggs said, and while the company has an ownership share in a facility wider renovation on St Cmix. there are no plans to relocate from the St Thomas office facility Riggs attributed fir anciy’s lolfs to consolidation in fir health cam früisty, and reductions in ieimbuisenrnt rules as a ru1t oftheAIhthl* Care Act “Any time them is consolidation in in dusty any time there’s cutback and v.v see employees’ nwnbers being reduced there is some concern,” Riggs said. In addition to being a major em ployer, the company contributed a total of $2.6 million in various charitable donations throughout the community between 2013 and 2016, Riggs said. “This company has been very chari table, they’ve been big supporters of the community on a whole and after Hurricane Irma and Maria, they actu ally brought in a lot ofproducts on their mvii and supported the entire com munity,” Biggs said t’s a very good company and we look forward to them hopethlly reorganizing and being aNe to rebuild’ Ii -- -. -o — - - — By SUZANNE CARLSON Daily News Staff ICMC in process of layoffs, restructuring e 4