Instead of maximizing profits in the run up to the Christmas season, two Regent Street businesses might be head-to-head in court over a property dispute.
Up to late last night, workers at Rite Price Store on Regent Street were locked in a battle with a group of men who had attempted to bulldoze the section of the building it occupies.
According to reports, Rite Price Store and G. Singh and Sons Shoe Store are locked in a property dispute which turned ugly yesterday.
A contingent of police ranks from the Brickdam Police Station rushed to the scene last evening along with guards from MMC Security Force to bring some calm to the situation.
When Stabroek News visited the store last evening the western wall of Rite Price Store, which divides it from the section of the building that formerly housed G. Singh and Sons Shoe Store had almost collapsed. Cellular phones, clocks and several other expensive items had been knocked down and were strewn across the floor.
An official of Rite Price told this newspaper that the owner of G. Singh and Sons wanted them out of the building so he could sell it to another businessman. From all appearances, G. Singh and Sons may have already entered an agreement with the intended buyer as the city businessman was on the scene last evening.
No one from G. Singh and Sons offered any comment on the issue when questioned last night.
According to the Rite Price official, Rite Price started renting that section of the building, which is located between Avenue of the Republic and King Street about four years ago. The official said at that time, the owner of G. Singh and Sons had borrowed $11 million from Rite Price to help pay off for the property.
The official said G. Singh and Sons defaulted in repaying the loan and an agreement was reached for the monthly rental of $300,000 to be deducted until the loan repayment was complete. As far as Rite Price is concerned there is still a large outstanding sum.
Officials at the business place, which specialises in the sale of cell phones are also contending that they were not given any notice from G. Singh and Sons to move from the building and as such they found it very strange when several men showed up yesterday to dismantle the store. “We have no notice and he has to pay back the money first,” one of the store officials said, adding that they will take legal action for damage.
This newspaper was told that several men had showed up at the store early yesterday morning to clear out the goods, but were prevented when they could not produce a court order. However, they returned around 7 pm and proceeded to knock down shelves and other parts of the building.
