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.
Already, estimates are that anywhere from $15 million to $20 million will need to be pumped into the City Market to get it back to pre-2007 levels.
Trans Island has no ties to the former front runner for the purchase, Associated Grocers of The Bahamas Limited (AGBL). AGBL is an affiliate of Bahamas Food Services (BFS).
AGBL’s deal with BSL collapsed over the last few weeks, as retailers voiced concerns regarding a wholesaler entering the market.
City Market Wednesday moved to cut work hours of some of its employees, again raising questions about its financial state.
Union President Elgin Douglas said the reduced hours would only apply to some employees. He said many full-time employees were already on 32-hour weeks. The reduction was temporarily necessary, Douglas added, as the company attempts to make operational adjustments.
