City Markets owed staff pension fund 500k at end-2009

Wed, Sep 15th 2010, 11:00 PM

By NEIL HARTNELL

Tribune Business Editor

Bahamas Supermarkets, parent company of the 11-store City Markets grocery chain, owed the staff pension fund almost $519,000 at its 2009 year-end in unpaid rent for the company's head office, with its financial troubles preventing any contributions by the firm to the plan during the 2007-2009 period.

The audited financial statements for Bahamas Supermarkets 2009 fiscal year are more than a year late, given that the period closed some 14 and-a-half months ago, but they provide a further insight into the problems afflicting the supermarket chain and management's plans to remedy them, the accounts being heavily qualified by Deloitte & Touche ...

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