In a move almost certain to spell doom for the 11 food stores, self-proclaimed businessman Mark Finlayson, who ran Solomon’s Mines into the ground, has purchased City Markets.
City Markets was on the brink of closure last week when a couple of Bahamian businessmen, who one business expert called “buffoons”, jumped in and bought the company with borrowed money.
The Nassau Guardian reports that a Bahamian group headed by “businessman” Mark Finlayson is now putting in place an action plan intended to restore trust in the chain and preserve hundreds of jobs.
Trans Island Traders Ltd. closed the deal for the sale of 78 percent of the shares from the Trinidadian conglomerate Neal & Massy on Friday, and yesterday it was restocking shelves that once stood bare, and executing arrangements to win back customers.
The group’s acquisition of Bahamas Supermarkets Ltd. comes five years after it initially tried to acquire a majority stake but failed in that bid.
“The good news is we started this work back in 2005 and we know exactly what it is we need to do in order to fix this company,” said Finlayson, president of Bahamas Supermarkets.
Mr Finlayson did not say why he was unable to keep Solomon’s Mines running smoothly.
Finlayson, who along with key team members spoke with The Nassau Guardian at the Cable Beach store, said the task at hand is “simple, but a little difficult.”
