April 12, 2012
Most City Market locations are now closed, Guardian Business can confirm, with the supermarket chain's sale expected to be finalized in a matter of days.
Mark Finlayson, president of Bahamas Supermarkets Limited (BSL), disclosed to this newspaper that the sale should be completed by Friday.
"The lawyers are still meeting as we speak. However, the deal should be finalized by Friday. I am pleased with the progress that's being made," according to Finlayson.
He noted that Super Value's owner Rupert Roberts will not be taking any of the store's present stock, so Finlayson said now it is up to his employees to sell off most of the inventory. At the Cable Beach location, which had a "blowout sale" last week, the lights are now off and the doors locked.
The South Beach store is expected to have a massive blowout sale today.
After today's sale, BSL's chief pointed out that all of the stores would be closed.
However, Finlayson said he isn't too panicked about the leftover products. He indicated to Guardian Business there might be other provisions in place to unload excess merchandise.
This news comes one week after Finlayson said that Super Value's offer to purchase the struggling five-store supermarket chain is still the best deal. During that interview, he remained tight-lipped about when the deal would be finalized, but admitted that Super Value was the leading contender.
Finlayson said the main reason he is favoring Super Value is because of the plan in place for the hundreds of City Market employees.
"There are others who are interested in purchasing the City Market food store chain, but the problem I have is that they are not willing to work with the employees the way that Mr. Roberts is willing to do. That's what makes his deal better than anyone else's," according to Finlayson.
The BSL chief pointed out that he has been in serious talks with Super Value's owner for close to three weeks.
At its peak, City Markets had eight locations in Nassau and three in Grand Bahama.
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