Sliema Nicholsons outlet to close for two weeks

The Sliema outlet of Nicholsons Supermarket will today be closing for two weeks to "fully re-stock its shelves" in line with the company`s new business plan to revive the supermarket chain which owes trade creditors Lm1.2 million.

When contacted, the company`s financial adviser, Francis Vassallo, said that as promised during a meeting for trade creditors just over a week ago, the Ciantar family was putting forward the money to re-stock and refurbish the Sliema outlet and top up stocks in its other outlets in Attard and Fgura.

Stocks in Sliema were depleted over the past couple of months and the outlet was working with skeleton staff. This week the company will be looking to recruit new staff.

Mr Vassallo is hoping that business in Sliema will once again start thriving. The only hitch was that there was still one company refusing to withdraw its garnishee order.

Mr Vassallo had said during the creditors` meeting that the business plan could not be implemented unless all the garnishee orders had been removed.

He is now hoping that by the time the Sliema outlet opens again for business the remaining company will show goodwill and things could start rolling into motion.

"My job is to restructure the company and the way we are doing things I firmly believe that our over-exposed creditors will get paid.

"We have reached major agreements with the bank which has been extremely cooperative, so we are just waiting for all garnishee orders to be withdrawn so that the business plan can be implemented," he said.

During the meeting, the creditors formed a committee to review the plan regularly and keep track of the results. This committee met for the first time yesterday.

According to the business projection, the debt will be paid over a three- to five-year-period.