Bosquez resigns after shock WDFA sale

Print Article E-Mail Article

Exclusive: By Martin Moodie

World Duty Free Americas president and ceo Ramon Bosquez is reliably understood to have tendered his resignation on Friday following last week's shock sale of the BAA-subsidiary to Duty Free Acquisition Corp.
 
Bosquez had tried to lead a management buy-out for the division (formerly Duty Free International). But BAA opted instead for the certainty, and immediacy, of the $121m purchase by Duty Free Acquisition Corp, a subsidiary of The Falic Group- a family-run
organisation closely associated with aggressive US domestic discount retail chain Perfumania.

The deal has sent shock waves through the US duty-free community. The announced sale was valued at $121m, of which $115m was accounted for by a World Duty Free Americas 7% bond, due for payment in 2004. For BAA that represents a $6m immediate payment and the removal of a $115m liability which now becomes the responsibility of Duty Free Acquisition Corp.

• Duty-Free News International will present The Falic Group's views on the purchase in its special October 15 Cannes show issue plus an exclusive interview with BAA group retail director Brian Collie about the sale.