November 09, 2011
Furniture was carried away yesterday from the headquarters of Bahamas Supermarkets Ltd. on East West Highway, leading some people to wonder about the current affairs of the company, which has faced challenges in recent weeks.
The company has, however, made no announcements about any major changes in recent times.
In an interview with The Nassau Guardian in late September, Bahamas Supermarkets President Mark Finlayson said the trustees of Bahamas Supermarkets Employee Retirement Fund were looking for a buyer for the building.
He said the building was appraised at $9 million in 2009 and the trustees think they could get at least $6 million for it.
The building is owned by the trust, he said.
"The trustees have acted the way we were supposed to act according to the trust deed," Finlayson said at the time.
"I want to make sure it is clear that we have acted well on behalf of the beneficiaries because that's extremely important."
He noted that there is a big difference between the pension fund trust and Bahamas Supermarkets Limited. They are two competely different entities, he stressed.
Bahamas Supermarkets Limited is the parent company of the City Market food store chain.
Finlayson could not be reached yesterday to comment on whether there were any new developments related to his company.
However, he previously told The Nassau Guardian that the headquarters could easily be relocated to one of the other properties owned by the Finlayson family.
At the time, Finlayson also told The Guardian that the Finlayson family was determined to stay the course as it related to the company.
Meanwhile, the challenges continue for the owners, who acquired Bahamas Supermarkets late last year.
Guardian Business recently reported that a US-based pork and beef supplier filed legal action against Bahamas Supermarkets Ltd. in federal court in the U.S. over money it alleges is owed it by the Bahamian firm for products received.
Kansas Packing LLC, a New Jersey company, is suing BSL in the United States District Court Southern District of Florida Miami Division. At stake are overdue payments allegedly owed to the supplier by BSL totaling $81,598, plus interest. The action was filed on November 2.
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News date : 11/09/2011 Category : Nassau Guardian Stories