The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

MARIO'S Bowling and Entertainment Palace chief executive, Leslie Miller, told Tribune Business yesterday that negotiations to re-open the former Robin Hood site in his Summerwinds Plaza were ongoing, and that the replacement "should be as big as we were before".

Mr Miller, the Talls Pines MP, declined to discuss details as talks were still ongoing, but told Tribune Business briefly: "We are in negotiations right now to re-open that [the former Robin Hood]as we speak. We are doing something on that ourselves. I have a crew of fellows putting it together. We should be as big as we were before."

Mr Miller noted that the closure of Robin Hood, a key 'anchor tenant' at the Summerwinds Plaza, had resulted in the loss of a significant amount of rental income.

Tribune Business understands, from sources close to developments, that Mr Miller is likely to re-open the former Robin Hood site via a venture of his own. Several suggested he was likely to call on Robin Hood's president, Sandy Schaefer, to operate the business, but that could not be confirmed yesterday.

"He'd just want someone to come in there and operate the store," one source said of Mr Miller. "I understand something's going to happen by the end of June."

Mr Schaefer had previously told Tribune Business he had little choice but to liquidate Robin Hood after the retailer suffered a $3.6 million net loss in its last financial year.

Mr Schaefer said the closure of the retailer's second store on Prince Charles Drive, a victim of a delayed opening and the ongoing roadworks, had prevented the company from generating a return on its investment in the property - and resulted in it losing more in its last 12 months than it had collectively earned in the previous four-five years.

According to accounts previously obtained by Tribune Business, as at June 27, 2011, Robin Hood was suffering from a $1.91 million solvency deficiency, meaning that total liabilities exceeded total assets by this sum.

Robin Hood, at that point, was facing a $2.51 million accumulated deficit, and had sustained a $2.587 million net loss for the year to June 27, 2011.

This was based on a $2.656 million operating loss, stemming from general and administrative expenses of $6.865 million exceeding a $4.21 million gross profit.

Net sales stood at $14.829 million, with cost of sales at $10.62 million. Accounts payable, monies owed to suppliers and other businesses, stood at $8.602 million.

Mr Miller had previously told Tribune Business he was confident about finding a replacement for Robin Hood, describing the Summerwinds Plaza location as "second to none" and "the best in New Providence".