MANILA – Ibiza BGC, the Manila branch of one of Cebu’s hottest clubs and restaurants, is now closed.

In a Facebook post, Ibiza BGC cited “massive losses month after month” since it opened in April 2017.

“After serious deliberations and having exhausted all possible efforts, Ibiza BGC is closing operations effective today… Continuing operations would be great folly and will do more harm to the brand than good,” read the statement, which was released last January 2.

“We are sad and yet we remain hopeful. Ibiza as a brand will continue on – armed this time with a little more prudence; we are keeping our eyes wide open for more commercially sensible opportunities. Because in spite of this upset, nothing gives us more pleasure than to bring you a quality product that kindles spontaneous gatherings, that gives you the escape you need now and again.”

Located in Taguig, Ibiza BGC was launched last April as a restaurant, club, and entertainment center.

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The property, which covered 4,000 square meters of space, was operated by Manuel Osmeña.