(Article changed on September 2, 2013 at 07:58)
It's over two years since CCG took over some of the failing grocery outlets in the troubled US Super Fresh chain. For anyone unlucky enough to rely on one of these renamed Fresh & Green's outlets to feed their family then like me you are probably wondering what happened to all the promises made by the new management? Claims by a company spokesman in Supermarket News that they "would broaden the appeal of their stores by retaining the current shopper base and providing items that shoppers might otherwise make another trip to buy', appear to have failed at my local store and that's despite firing workers and slashing wages. The management needs to make adjustments at a much senior level instead of picking on local store managers and shelf-stackers.
The company CEO makes a point of claiming 'we are paid to perform and protect our investors. We're not paid to be rock stars'. Where I live they are neither - just a disappointing & expensive bunch of jokers.
As if this isn't bad enough, these
Canadian whiz kids are paying for expensive weekly advertising of in-store specials to be dropped
through my mail-box & then frequently don't even carry the same items! And don't
even get me started about the lamentable range of products, high prices, and
poor quality of fresh goods - I've shopped in
Not that the competition in my area is much better -- from what I can see Fresh & Green's are in a race to the bottom with the dismal Acme chain. But as a consumer at least I can just walk away and shop elsewhere - unlike Catalyst Group investors who have a lot more to loose.
I'm not alone in my concerns. The landlord of one former Super Fresh store (also taken over by CCG in a similar bankruptcy auction) filed an action in the courts claiming the new owners did not have the experience or financial wherewithal to assume the lease or have the ability to match the sales generated by the previous owners.
Should Americans be worried that their food supply chain is being slowly taken over by hedge fund managers who may be experts in finance and running casinos? Judging by the stellar way some of them have helped to destroy our economy in the last few years I think the answer must be a resounding YES!
And exactly who is the genius who
runs Catalyst Capital Group Inc? None other than the rarely