The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

CITY Markets principal, Mark Finlayson, in addressing employee concerns over compensation packages, yesterday said the "primary" issue in negotiating the sale of the five-store chain was saving jobs, telling Tribune Business the situation was different in Freeport where severance payments would have to be made.

Mr Finlayson, who heads his family's Trans-Island Traders investment vehicle, which holds a 78 per cent stake in Bahamas Supermarkets, City Markets' operating parent, told Tribune Business that former City Markets employees taken on by Super Value president and owner, Rupert Roberts, would not receive compensation packages.

Mr Finlayson said: "What Bahamas Supermarkets is doing with Mr Roberts is part and parcel of whatever severance is going to be paid, and whatever jobs going forward there are.

"People seem to be very concerned about the money but, on the other hand, they want their jobs. I think it should be clear that if Mr Roberts decides to take people on, then they will get a job and not the severance. If he doesn't find that he needs the services of certain persons then their compensation will come out of the money paid to us.

"If Mr Roberts employs a person, then that person's employment continues. People want their cake and want to eat it, too. You can't have your cake and eat it too. The primary thing we're trying to do is save jobs. If the jobs cannot be saved then persons would receive compensation."

Mr Finlayson said officials from the Super Value food store chain were interviewing former City Markets employees for hiring.

He added that the situation was for City Markets' 100 employees in Grand Bahama, where Super Value does not operate.

Mr Finlayson said: "The Freeport situation is different. There is no Super Value down there, and thus there is nobody who is sitting down and saying they are going to provide them with jobs, so that's clearly a case where severance packages will be paid out." The supermarket chain initially operated three stores in Grand Bahama, with the last to close being the Eight Mile Rock store.

Mr Finlayson said lawyers were still sorting out the documents in the deal to sell the struggling super market chain to Super Value.

"The lawyers are asking for further documents but they are moving forward. That's the update they gave me. I think it will all be done pretty soon, as both parties have pretty much agreed on everything," he added.

Regarding the sale of Bahamas Supermarkets' headquarters on the East-West Highway, Mr Finlayson said: "We got a proposal from a local company to buy-out the building. We have a proposal that has been taken to the committee. The committee met last week Friday, reviewed it and asked for further particulars. Those particulars were sent on Monday and is up for review again."