to the Phoenix Stores Ltd. new Internet site.

BDC is the giant family-controlled company that owns the Phoenix and BGA Group of Companies. Mr. Young, president and chief executive officer of BDC, achieved majority holding when the company bought businessman Fernance Perry's stake in the company last year.

As part of the deal, Mr. Perry received the building at the corner of Queen Street and Reid Street, where clothes shop Aston & Gunn is located.

Mr. Perry, at one time a supermarket king, is the majority shareholder in the Bermuda Broadcasting Company Ltd. He originally bought into BDC in 1994 when the company was short of cash.

The company had spent money on completing the renovation of the Aston & Gunn building, where the Phoenix and Annex were previously located, and on purchasing Purvis Ltd. to create the Island's largest wholesaler. Purvis was then losing $2.4 million a year.

With a nine percent stake, Mr. Perry became chairman of BDC in 1996. He was in the grocery business for 43 years and was the founder and owner of the Piggly Wiggly stores, before selling the chain, now the Marketplace Stores, in 1979.

Mr. Young became the single largest shareholder of BDC in 1997 when he purchased the shares of his brother Reid Young in 1996.