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Boards And Committees
It is announced for the public information that the persons listed here under havge been appointed Members of the Statutory Boards and Committees for a period of one year with effect from 1st July 2012.
Business Review: The devaluation of City Markets, from 54m to 1
BUSINESS REVIEW
From $54 million to $1. There can have been few more rapid descents in value, over a four-year period, than what Bahamas Supermarkets and its 11-store City Markets chain suffered under the disastrous majority ownership of the BSL Holdings group. The saga, which has resulted in the likely write-off of more than $40 million, will long feature in economics text books as an example of how not to execute a successful acquisition. So what went wrong? How did it go from turning a steady $6-$8 million annual profit, and regular dividends to shareholders, to annual losses that matched, and in one case exceeded, those profits?
It all looked so good to start with. The BSL Holdings consort ...
Buyers circle City Markets' F'port stores
By NEIL HARTNELL
Tribune Business Editor
City Markets has received offers to acquire/take over all or some of its three Grand Bahama-based stores, including an approach from Sawyer's Fresh Market over its Eight Mile Rock outlet, but the listed supermarket chain's chief executive told Tribune Business that "nothing is signed or concluded" in terms of any deal.
Derek Winford confirmed Tribune Business's previous exclusive revelation of Sawyer's Fresh Market's interest in City Markets' Eight Mile Rock store, but denied that any agreement for the rival grocery/food retailer to take it over had been reached.
Explaining that the numerous approaches from potential ...
CAA: Pension Reform Must Be Profitable
The president of the Caribbean Actuarial Association (CAA) is urging the government to ensure new pension legislation is attractive to private enterprise.
CBFS deal for City Markets 'doesn't make sense at all'
The move by an affiliate of Bahamas Food Services (BFS) and its principal, Ben Frisch, to acquire the 78 per cent majority shareholding in City Markets "doesn't make sense at any level", one competitor believes, as Tribune Business sources confirmed that rival retailers were already taking steps to stop buying meat and other produce from the wholesaler.
The signing of a Memorandum of Understanding (MoU) between Associated Grocers of the Bahamas, a BFS/Mr Frisch affiliate, and BSL Holdings over the purchase of the latter's 78 per cent equity holding in Bahamas Supermarkets, City Markets' operati ...
CGBL Lawyers Up Over Road Works
An association of businesses is threatening renewed legal action if the government does not offer further relief from the disastrous road works.
The Coconut Grove Business League (CGBL) said it is "disappointed" by the deputy prime minister's reluctance to return Baillou Hill Road and Market Street to two-way thoroughfares.
CIBC FirstCaribbean Shuts Thompson Boulevard Branch
The CIBC FirstCaribbean branch at Thompson Boulevard in Oakes Field will be closed indefinitely due to an unspecified "review of its physical plant".
CITY MARKET STAFF DEMAND SEVERANCE PACKAGES
By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net
CITY Market employees are demanding to be paid severance packages amidst mounting concerns over their pension fund and rumours that more stores are set for closure.
Union officials criticised the worsening communication between management and staff as the company effected temporary closures at two locations in New Providence.
Warfield Bain, president of the Bahamas Commercial Stores, Supermarket and Warehouse Workers Union, said the bargaining agent now plans to file a trade dispute with the Labour board.
Some 50 employees from South Beach and Sea Grapes locations, which were said to employ some 150 persons, demonstr ...
CITY MARKETS 'WORTH SAVING'
By NEIL HARTNELL
Tribune Business Editor
A PLP MP yesterday renewed his call for intervention to save the beleaguered City Markets food store chain, telling Tribune Business the company was "worth saving".
Acknowledging his concern over the supermarket chain's fate, Fox Hill MP Fred Mitchell said that apart from the interests of City Markets' principal, Mark Finlayson and his family, and the 22 per cent minority shareholders, the fate of several hundred employees was bound up with the company.
Hinting that he believed the Ingraham administration was unlikely to intervene to ensure City Markets' survival, Mr Mitchell said the Opposition would support doing "whatever ...
CITY MARKETS EYES 2 MORE STORE CLOSURES
By NEIL HARTNELL
Tribune Business Editor
CITY MARKETS is mulling the temporary closure of two further stores in a bid to effect $2.5 million worth of repairs to "refrigeration and related infrastructure problems", its principal yesterday confirming the plan would likely be put into effect by month's end.
Mark Finlayson, head of the supermarket chain's 78 per cent majority shareholder, Trans-Island Traders, told Tribune Business the company was still assessing its options as to its South Beach and Seagrapes Shopping Centre outlets to determine whether it would close one or both, the goal being to re-open in time for Christmas 2011.
Mr Finlayson declined to say how many staff ...
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