City Market: Super Value paying enough to cover liabilities

Wed, Apr 4th 2012, 10:27 AM

Super Value's offer to purchase the struggling five-store City Market chain is still the best deal, despite no official decision being made, according to Bahamas Supermarkets Limited (BSL) President Mark Finlayson.
Last week, Finlayson and Super Value owner Rupert Roberts confirmed that Super Value was seriously eyeing purchasing the five-store City Market chain.
During an interview yesterday, Finlayson told Guardian Business that there are other parties interested in purchasing the struggling food store chain, but admits that Super Value is the leading contender, though he remained tight-lipped about when a deal will be finalized.
Finlayson said the main reason he is favoring Super Value is because of the plan in place for the hundreds of City Market employees.
"There are others who are interested in purchasing the City Market food store chain, but the problem I have is that they are not willing to work with the employees the way that Mr. Roberts is willing to do. That's what makes his deal better than anyone else's," according to Finlayson.
The BSL chief pointed out that he has been in serious talks with Super Value's owner for just under two weeks.
"Mr. Roberts is a serious man and he is working diligently to get this deal done. We don't hope to recover anything from him. He is putting up enough money to pay the expenses," he added.
"At the end of the day, the employees will have a secure future with a very strong company and with that, I will feel like I have accomplished something. "
At this point, Finlayson said his focus is to sell off the store's assets as soon as possible and save jobs.
"We have tried our best but we have been unable to fix it (City Market). It has not succeeded. If the stores had succeeded, then my family and I would have benefitted from it but unfortunately we didn't."
In an interview with Guardian Business several months ago, Finlayson said the company was losing money, but he said the Finlayson family -- which acquired the company in late 2010 -- was determined to turn things around.

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