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.<\/p>\n
Trans Island is headed by businessman Mark Finlayson, who employees have labeled “the comeback kid.”<\/p>\n
The company is now awaiting Central Bank approval of the deal. Well placed sources estimate that approval could be given within days.<\/p>\n
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.<\/p>\n
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).<\/p>\n
AGBL’s deal with BSL collapsed over the last few weeks, as retailers voiced concerns regarding a wholesaler entering the market.<\/p>\n
City Market Wednesday moved to cut work hours of some of its employees, again raising questions about its financial state.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bahamas Supermarkets Ltd, operators of the City Market food stores are in the final stages of selling 78 percent of its shares to the 100 percent Bahamian-owned Trans Island Traders Ltd. group.<\/p>\n","protected":false},"author":25,"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":[23],"class_list":["post-4097","post","type-post","status-publish","format-standard","hentry","category-business","tag-food"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/4097","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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=4097"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/4097\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=4097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=4097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=4097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}