City Market sale finalized

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November 11, 2010

Bahamas Supermarkets Ltd (BSL), operators of the City Market food stores, late Wednesday finalized the sale of 78 percent of its shares to the 100 percent Bahamian-owned Trans Island Traders Ltd. group.
Trans Island is headed by businessman Mark Finlayson, who employees have labeled "the comeback kid."
The company is now awaiting Central Bank approval of the deal. Well placed sources estimate that approval could be given within days.
After all, said an insider familiar with the deal, every day the troubled 11-store grocery chain continues on its current financial trajectory, the more unstable the company becomes.
Already, estimates are that anywhere from $15 million to $20 million will ne ...

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News date : 11/11/2010    Category : Nassau Guardian Stories

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