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Liquidator moves to sell Stabroek News properties
(Kaieteur News) – The liquidator for Guyana Publications Inc., publisher of the recently closed Stabroek News, has begun advertising the sale of two prime commercial properties in central Georgetown.
The properties, which previously housed the newspaper’s operations, are being offered for immediate sale and are listed as unencumbered. One of the properties is a corner lot located at Durban, George and Leopold Streets. Spanning approximately 9,000 square feet (0.207 acres), the site features a reinforced concrete, industrial-grade building with dual frontage. The location previously housed the newspaper’s printing press and is being marketed as suitable for commercial, industrial or redevelopment use.
The Robb Street property of Stabroek News.
The second property is situated along Robb Street in Lacytown, one of Georgetown’s main commercial corridors. Measuring approximately 6,350 square feet (0.146 acres), the building formerly accommodated the newspaper’s offices and includes open-plan workspaces and meeting rooms. It is being promoted as ideal for professional, commercial or institutional purposes.
The sale is being overseen by Chartered Accountant Christopher Ram, who was appointed liquidator of Guyana Publications Inc. following the newspaper’s closure. Interested parties have been invited to submit expressions of interest, with additional documents, including transports, plans and drawings—available upon request. The move to dispose of the paper’s real estate assets marks a significant step in the winding down of one of Guyana’s longstanding media entities, which ceased operations earlier this year. Stabroek News printed its last edition on March 14 after nearly 40 years of operations.
Stabroek News, which began publishing in November 1986 and became a daily in 1994, faced an existential challenge from global digital platforms such as Facebook, YouTube, Instagram and TikTok, the company stated. Globally, the company noted, print advertising has declined by 75 per cent, from approximately US$110 billion in 2004 to US$26 billion in 2024. It also disclosed that in recent years, GPI absorbed mounting losses by drawing on its cash reserves. “Despite cutting costs, the company has lost money for six out of the last ten years”, the company said.
Stabroek News was founded in 1986 by attorney David de Caires, with his wife Doreen beside him. In a statement issued, the founder’s children, Isabelle and Brendan de Caires had described the decision to close the newspaper as “extraordinarily difficult and painful”. “Stabroek News was born in a media environment very different to the one that exists in Guyana today,” it was stated.
The siblings noted that shortly before their father’s death, the newspaper endured a period when advertisements from state-owned companies, which was a significant source of revenue, were withheld. “A rather crude attempt to muzzle the free press. In the past year, the state-run Department of Public Information has accrued a debt to this newspaper in excess of G$ 80,000,000 in unpaid advertisements. The debt persists despite repeated private and public entreaties to clear it. This tactic could equally be construed as an attempt to starve this company of its operating funds,” it was further stated.
It was noted that while the business tried to diversify and adapt seeking alternative sources of income, it faced significant obstacles. “We have repeatedly sought (and been refused) a radio licence. Although we operated a TV subsidiary for a few decades, our main local competitors enjoyed significant privileges. The playing field was not level. The anticipated progression from newspaper to multi-media broadcaster has been impossible,” it stated.
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Would NBS qualify for direct deposit for the upcoming grant?