The Tribune

CITY Market stores across New Providence had their electricity cut off yesterday for delinquent accounts, The Tribune can confirm. It was unclear how many stores were cut off, but BEC Chairman Michael Moss last night confirmed the corporation had been in discussions with the supermarket chain, who was "seriously" delinquent on a number of accounts. However, he maintained he would not have been involved in the decision to disconnect a customer unless there were national repercussions. Mr Moss said: "I receive a report of all large delinquent accounts, and I do recall seeing at least four of City Market's accounts that had significant balances." According to Tribune Business, the Finlayson family, which owns a 78 per cent stake in City Markets' operating parent, Bahamas Supermarkets, is seeking a joint venture partner that would acquire a majority equity stake in the chain. The Finlaysons, who took over a business driven into near-bankruptcy by the former BSL Holdings ownership, saw City Market suffer a $16.587 million net loss prior to extraordinary items for the year to end-June 2011. The struggling food chain made headlines last year over store closures as well as pension fund and regulatory issues. City Market now operates at four locations in Nassau; Sea Grapes, South Beach, Harbour Bay and Cable Beach. The Lyford Cay and Rosetta Street stores closed in August, their leases having come to an end. Not long after that the Freeport and Eight Mile Rock stores closed permanently in September. Added to its woes is the company's issues with the Securities Commission, which has said it has placed Bahamas Supermarkets under an "enhanced monitoring programme", as the company's failure to file timely accounts and hold an annual general meeting - the last one was in December 2009 for the 2008 financial year - had left investors bereft of information. Calls placed to officials at the supermarket chain were not returned last night.