Abaco Markets Ltd. is looking for a buyer to purchase its financially struggling Bellevue Business Depot Ltd./United Bookshop on Maderia Street, Palmdale.
David Thurlow, president of Abaco Markets Ltd., confirmed that during an exclusive interview with The Guardian over the weekend.
“The store is not profitable and we are looking for a buyer for, exclusively, the Maderia Street store,” he said. “We are in the initial stages of talking with several parties.”
He did not divulge the identities of the potential buyers of Bellevue Business Depot, a “one-stop shop,” with office supplies, equipment and furniture in one location.
Approximately 18 people are employed at the Maderia Street bookstore, where The Guardian was told workers were supposed to receive severance packages on Jan.15 or at the end of the month.
A specific date has not yet been set for closure. The employees would be redeployed in other Abaco Markets businesses, where possible, Mr. Thurlow said.
About a year ago, the United Bookshop located in the Base Road Business Centre closed its doors, shortly after moving from its Carter Street, Oakes Field location.
The other United Bookshop is located in the Mall at Marathon, which is “reasonably self-contained,” Mr. Thurlow said. He added though, that if a buyer were interested in both stores, the company would sell them.
Mr. Thurlow also told The Guardian that Abaco Markets is going to retain the remaining Bellevue stores in New Providence and Freeport.
He attributed the loss in profits to increased competition, and a decline in the economy over past 18 months.
“The bottom has fallen out of the office products business,” Mr. Thurlow said. “Our main market segments have been very poor.”
The bookstore has also been impacted by the reduction in Government expenditure.
Asked about financial standing of other Abaco Markets holdings, Mr. Thurlow said they are not being affected at all. “We are doing well on everything else. We will continue to build them.”
Abaco Markets has been experiencing a decline in its profits for almost two years. As of July 2001, statistics showed that Abaco Markets Ltd. stocks down $0.34 (9.74%).
In July 2002, chief executive officer of Abaco Markets Ltd., Reginald Sands resigned after a 13-year stint, to pursue private interests. Mr. Sands was credited with being instrumental in taking Abaco Markets public and in the growth in sales the company enjoys of about $125 million.
Abaco Markets prides itself on having “a solid foundation built by a very competent management team with a very clear direction and are moving forward with confidence.”
Abaco Markets was established in 1975 with the purchase of a City Markets food store in Marsh Harbour, and over the years has acquired other businesses such as the Treasure Cay Mini Mart and the Golden Harvest Supermarket, Domino’s Pizza.
In 1997, it became the first Family Island company to offer common-share ownership to the public outside of Grand Bahama, when it put on the market 1.1 million shares at $5.25 per share, which was oversubscribed after the exercise.
In February 2000, Abaco Markets Ltd. achieved its goal of creating the “Bahamian Triangle,” a presence in the three major populations centers, Nassau, Freeport and Abaco.
With acquisitions such as United Bookshop, Solomon’s Wholesale Freeport and T. C. Trading in the Turks and Caicos, Abaco Market’s principals said the company was strengthening its brand by continuing to add valuable opportunities.
The conglomerate also acquired CostRite Warehouse Club, Solomon’s Super Center, and Solomon’s – Freeport, Solomon’s – Abaco.
Bellevue Business Depot was established in the early 1960s. Ron Osborne purchased it in 1964. He sold the business in 1988, but returned to Grand Bahama in 1994 and bought it back, and then began redesigning it in 1995.
Bellevue has always been known for outstanding service, high quality and competitive pricing and in June of 1999, became a part of the Abaco Markets Group, taking over Abaco Office Products in Abaco. It was not until June, 2000, that Bellevue purchased United Bookshop and established a location in New Providence.
This purchase not only allowed Bellevue Business Depot to complete the Bahamian Triangle but provided and expanded product lines, including books, greeting cards and gift items, and United Bookshop provided three Nassau locations.
Once United Bookshop was purchased, the Palmdale location was immediately renovated to include Bellevue and has since provided customers with a “one-stop shop,” with office supplies, equipment and furniture in one location. In order to make shopping even more easier they launched a website at www.bellevuebusinessdepot.com, so the customers can order online, and avoid the hassle of busy signals or driving to the store.
By Lindsay Thompson, The Nassau Guardian
