The Tribune

By KHRISNA VIRGIL

kvirgil@tribunemedia.net

A MAJOR Bahamian owned food store chain is negotiating to buy the financially struggling City Market ¬– offering a lifeline to hundreds of workers, says the company’s boss.

City Market owner Mark Finlayson told the Big T that he and Super Value Food Stores owner Rupert Roberts had entered into discussions for what could be a potential sale.

Saying he "could not go too much into detail" to ensure the deal's success, Mr Finlayson said he was confident store operations would continue.

He said the 400 jobs that workers thought to be at risk would also be secured.

"The serious retailer is Rupert Roberts. I can’t go much forward than that. I don’t want to jeopardize the deal," Mr Finlayson said.

"He is a very serious man, and he is serious about this deal. I have spoken to my staff in relation to it."

However, Whanslaw Turnquest a senior company employee and spokesperson for the majority of City Market's workers, said Mr Finlayson has yet to meet with them. However, he said, executives close to him have briefed workers on what is expected.

Nonetheless, Mr Turnquest said every worker was relieved. In response, they have decided to comply with the union and management until they are adequately compensated.

This reassurance came following a meeting with Labour Minister Dion Foulkes on Friday morning.

"Union officials and management met with Mr Foulkes. In that meeting, we discussed severance packages, owed salaries and vacation pay. All sides agreed to allow a 14-day cooling period. During that time, we assume that the sale of the company would take place," Mr Turnquest said.

He said another meeting is scheduled for next Wednesday with the Labour Minister.

That discussion will tackle questions about the employees’ million dollar pension fund.

Up until Thursday, tensions remained high among employees who said they wanted accounting documentation to prove the fund's security.

Mr Finlayson, the day before, reassured the workers that the fund was intact.

He said: "In no way, shape, or form, has the pension been in danger, because of the value of the building and what is owed to plan beneficiaries. Sell the building and it easily covers people's retirement savings."

According to Mr Turnquest, employees learned that owners used money from the pension fund to purchase land and store equipment for City Market's West Bay Street location.

"At present we have determined that everything at the Cable Beach location is owned by the pension fund. This includes the five lots that the store is built on," he said.

"We also know that the City Market warehouse on East West Highway belongs to us. It was bought with pension fund money. They need to justify what he (Mr Finlayson) is saying with accounting documents."