A net loss of over $2.2 million was recorded by City Markets during the first quarter of its 2011 financial year as indicated in a balance sheet released by Bahamas Supermarkets, the 11-store chain’s immediate operating company.<\/p>\n
Unconfirmed rumours suggested that Bahamas Food Services’ possible 78 per cent acquisition of the ailing City Markets had fallen through.<\/p>\n
Neal & Massy-operated BSL Holdings, the current majority owner of City Markets had injected $1.594 million in cash into the struggling supermarket chain during the three months to September 22, 2010, a significant amount of which was used to reduce payables to Bahamian suppliers – some of which had already stopped supplying the company due to non-payment.<\/p>\n
While City Markets’ liabilities were then reduced from $16.188 million at the 2010 year-end to $14.147 million at September 22, 2010, assets were also reduced from $15.137 million to $12.451 million.<\/p>\n
Neal & Massy has said that they will not funnel new funds into City Markets but instead are increasing efforts to get rid of the company, now seeking a possible deal with Senator Jerome Fitzgerald and Mark Finlayson, principals in the BK Foods group.<\/p>\n","protected":false},"excerpt":{"rendered":"
Balance sheets show that City Markets has experienced a net loss of over $2.2 million during the first quarter of its new financial year. <\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[],"class_list":["post-3868","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/3868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=3868"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/3868\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=3868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=3868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=3868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}