The former landlord of the former franchise holders for the Hard Rock Cafe in The Bahamas and a major creditor in the company's ongoing liquidation process has become the new holder of the Hard Rock Cafe franchise for The Bahamas.
In response to inquiries from this newspaper, Hard Rock Cafe International confirmed that attorney and businessman, Marvin Pinder, through his company Thirty 3 Limited, will reopen the Charlotte Street-based themed restaurant and store "within a few weeks".
This comes as Guardian Business has learned that there may be a shortfall of over half a million dollars facing creditors in the liquidation of the former franchise holders' company.
Pinder, who declined to comment when contacted for an interview by phone with Guardian Business, is said to be owed "huge" amounts by the former franchise holders, while over 30 former employees of the property have put in a claim for $173,000 in severance pay owed.
Other creditors are understood to include local wholesaler, Bahamas Food Services.
The restaurant shut its doors in early April and entered liquidation, leading to the lay-off of 38 workers.
The closure came some three months after Hard Rock Cafe International terminated its franchise agreement following a financial and legal dispute with the franchisees, non-local residents Kevin Doyle, Keith Doyle and Robert Frankel.
Speaking of the relaunch of the brand in The Bahamas, Michael Beacham, vice president of franchise

for Hard Rock International, said, "We are thrilled that we will be maintaining the iconic brand in Nassau and contributing to the vast offering of vacation experiences that The Bahamas has to offer.
"We are confident that the brand will flourish in Nassau under Mr. Pinder's leadership, and we are working diligently together to save as many local jobs as possible."
Pinder may likely have made the determination that obtaining the franchise himself could be the most feasible way of limiting his losses, given the former franchise holders' limited assets.
With such significant claims understood to be owed by the former franchise holders and a dearth of assets, liquidators Grant Thornton (Bahamas) are themselves also likely to be in an anxious position.
In such cases, firms will often seek the appointment of an attorney to guide the process. However, retaining an attorney would, in this case, leave little cash in the bank to pay the liquidators themselves, let alone the creditors.
Were the liquidators to decide that they are not willing to handle the level of risk to which they might be exposed via the process, the matter could end up in the courts.
Paul Andy Gomez, who was invited to be the liquidator for the company, declined to comment when contacted by Guardian Business yesterday.
However, sources close to the matter said, "The position (of the former franchisees' company) is bleak. The real question is, what can the government do? This will happen again and again and, when it does, it will leave workers exposed, creditors exposed. It really highlights the risk that workers and businesses face when individuals come into the country and set up these businesses.
"Can the government get them to sign a bond to make sure there's performance in these situations? Otherwise when the company goes under, that's it. Who carries the continuing responsibility to pay off debts and pay workers' salaries?"
There are currently 180 Hard Rock Cafe International franchises in 55 countries, including 140 cafes, 19 hotels and nine casinos.

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