As predicted by BahamasB2B, Mark Finlayson, who ran Solomon’s Mines into the ground, is now almost done destroying City Markets.
The man who was once dubbed the “poster boy of bad business” in The Bahamas is once again set to destroy another icon of Bahamian retail.
Finlayson, who acquired City Markets last year is now considering eliminating three of the nine stores that the company operates.
For months after the takeover Finlayson bragged about how his keen business skills would ensure the rescue of the beleaguered food retailer.
Now, he is singing a different tune, saying he might sell off one store and close two others which have incurred mounting losses.
The Eight Mile Rock store in Grand Bahama, along with the Palmdale store and the Lyford Cay stores are “under review”.
Finlayson has been telling the media for months that the supermarket chain is doing well and increasing sales over last year’s results. So well, in fact, that he moved to keep some stores open 24-hours, to accommodate the increased business by leveling out the customer flow.
Even goofier than keeping a slow store open 24-hours, is Finlayson’s plan to build a store at the airport.
In another foolish business move, Finlayson and his family owned company, Trans-Island Traders, attempted late last year to make hostile takeover of Abaco Markets Limited.
Finlayson failed in his ill-timed hostile attempt, highlighting what some called his ineptitude in business management.
Earlier this year, he also had grand plans to take over Robin Hood’s retail food business. The deal was terminated as a result of “irreconcilable differences,” Mr Finlayson was quoted as saying.
All this business activity from a guy who apparently can’t manage what he already owns.
The closing of the three City Markets stores would almost certainly result in job losses.
Mr Finlayson says he will make a decision on the fate of the stores within the next 60-90 days.
