City Markets Sale On Track For Friday Close


Tribune Business Reporter


CITY Markets' principal yesterday said the supermarket chain was still on course to conclude the sale of its remaining four New Providence stores to Super Value by Friday, adding that the details had been determined already between himself and Rupert Roberts.


Mark Finlayson

Mark Finlayson, who heads his family's Trans-Island Traders vehicle that holds a 78 per cent stake in Bahamas Supermarkets, told Tribune Business in a brief interview: "The details have been worked out, and it's with the lawyers.

"I'm pretty sure that we should be signed by Friday and Mr Roberts will be taking over those stores." He added that he was heading into a meeting with attorneys over the Super Value transaction when Tribune Business contacted him.

Meanwhile, executives of the Bahamas Commercial Stores, Supermarkets and Warehouse Workers Union said yesterday that they were moving to ensure City Markets' remaining 200-300 workers receive the compensation packages they are entitled to.

Rosalie McKenzie, the union's administrator, also told Tribune Business it was hoped that the deal would be concluded by Friday.

She said: "Nothing has happened as yet. Hopefully a deal will be done by Friday. After the deal is done and they put the compensation packages together, we will sit down and actually look at the packages and make sure that everyone gets what they are entitled to get. So right now, we are just waiting to see what happens."

Whanslaw Tunrquest, City Markets' chief inventory control officer, told Tribune Business that the pension fund issue was still be dealt with.

He said: "There is a conciliation meeting set for Monday at the Ministry of Labour. The packages haven't been paid. We are waiting to see Friday afternoon if the compensation packages will be given out. If they are not, that meeting on Monday should be very interesting.

"We are waiting on the compensation packages and dealing with the pension matter. Our lawyer is overlooking the trust deeds matter. One hundred and sixty-five persons voted for a new set of trustees. Nine persons were elected to the Board of Trustees by the pensioners. We are looking at the trust deeds to see exactly what kind of powers are in the trust deeds."

City Markets closed its store locations just before the Easter weekend with a blow-out sale to clear shelves of its remaining inventory.


Use the comment form below to begin a discussion about this content.

Sign in to comment