Businesses owned by the Barclay brothers in Sark, including four hotels, are closing from next year.
Sark Estate Management CEO Kevin Delaney said: "We will not be opening any of our hospitality businesses next year in any shape or form or for any foreseeable period after that."
There are fears the closure of the Barclay brothers businesses in Sark could spell the end for the island's economy.
Yesterday it was revealed their hospitality firms, including four hotels are being shut at the start of the new year.
As well as job losses, it puts a major dent in the amount of tourist accommodation available in the island.
160 of the 500 beds for visitors will be lost.
Reporter, Helena Carter has spent the day in Sark, where many are expressing their shock, and some even say it's the beginning of the end...
The weekend event coincides with International Pride Month and the 51st anniversary of the Stonewall riots.
The scheme has been backed by the island's Lieutenant-Governor, and is the first of its kind in the Channel Islands.
Sunny spells and isolated light showers. After dusk fair spells with isolated showers.