Whether it be store closures, the staff pension fund or regulatory issues, the ongoing saga of the supermarket chain and its fight for survival continues to expose flaws in the Bahamian system.
Mark Finlayson, principal of City Markets’ 78 per cent majority shareholder was not shy in making his feelings clear towards the majority of the Bahamian wholesale industry, accusing them of reneging on an agreement to deal with the debts run-up under the supermarket chain’s previous owners.
It is never wise, from a position of weakness, to alienate suppliers and those who you probably need to do some business with. But, somewhat ominously, Mr Finlayson effectively warned Bahamian wholesalers that they had no option but to work with City Markets on his terms, for if the company was put into liquidation they would never get a cent of the money owed back.
