Bonita Bay Group Troubles Worsen
The financial struggles of Bonita Bay Group continue. As this story in today's Naples Daily News reports, the company's CEO is resigning, four of its golf courses are about to shut down for the entire summer to save costs, and seven more courses may get taken over by their members.
"Company officials confirmed Wednesday that Kitty Green resigned as president and CEO of the Bonita Bay Group as it continues to fight off bankruptcy," says the story. "The award-winning developer, headquartered in Bonita Springs, is in financial turmoil. Lenders have required the company to hire a crisis manager to conserve cash and restructure operations."
Three weeks ago in Deeds & Weeds, we reported on a plan in which golfers could buy a membership at one of four Bonita Bay Group facilities (the four were Bonita Bay, Shadow Wood, Verandah and TwinEagles) and then enjoy playing privileges at the other three. The cost was $25,000. Clearly, it wasn't enough to pull the company out of its tailspin.