City Market's sale to Super Value should conclude today, as legal documents are being finalized and signed by all parties.
"The deal is expected to be concluded by Monday at the latest, and as it stands, we are well on the way to doing that. Everything has been agreed upon. It's a just matter of finalizing the legal forms correctly and getting all stakeholders to sign on the dotted lines," according to Mark Finlayson, president of Bahamas Supermarkets Limited.
Finlayson revealed to Guardian Business that the sale is not just an agreement between the two food store chains, but also includes the creditor, purchaser and the landlords.
Despite remaining tight-lipped about the sale's value, Finlayson stressed the fact that it wasn't being sold for much - just enough to pay some outstanding bills and take care of hundreds of City Market employees.
"I won't give you the exact value, but I will say it is not being sold for much. The sale
really will only cover a few outstanding expenses. It should be enough after we take care of our employees," he said.
BSL's chief noted the main purpose of this deal is to pass those assets on to Rupert Roberts, the owner of Super Value, so that he is able to provide employment for the workers. He also confirmed that Super Value has already hired a number of people.
"We are trying to see if we can get all of our employees paid out for their services," Finlayson explained.
"We are also trying to secure all of those employees with jobs. Some of them are already working for Roberts (Super Value). We have between 250 to 275 employees here in Nassau. Roberts has already hired a number of people and already bought food for the Cable Beach store."
Finlayson said he would like to see the employees in a position where they can have their cake and eat too, as they are entitled to severance pay by law.
He continued: "We are also trying to see if we can get some severance pay in order to tie them over until this new job takes effect."
Last month, the head of Super Value told Guardian Business that negotiations to acquire City Market are "slow" and "there is still so much to be done".
Roberts conceded that it would likely be up to mid-to-late summer before any of the boarded up City Market locations reopened under the Super Value banner, with the possible exception of Cable Beach.
"The other stores are 20 years old and everything has to be replaced," he said.
"They have to be completely refurbished. That takes time. It would likely take three months just to order the equipment and install it."
The disclosure is bad news for the landlords at these locations, not to mention the hundreds of City Market employees in limbo.
Roberts told Guardian Business that the supermarket chain is continuing to interview City Market staff for other positions.
Severance owed to the remaining City Market workers is thought to be in the range of $5 million.

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