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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 ...