Moneyweb reports that Stuttafords has shut three of its department stores as the struggling company puts up a fight to fend off liquidation.  

The 159-year-old retailer last week begun the process of shutting the three stores located at Johannesburg’s Clearwater Mall and Rosebank Mall and Canal Walk Shopping Centre in Cape Town.  This will reduce the department store footprint from nine to six.  Along with the department stores, Stuttafords shut two of its 14 mono-brand stores (brands with own stand-alone stores) – and still maintained its three stores outside SA (two in Botswana and one in Namibia).  It is unclear how many job losses will be incurred from the closures, but since Stuttafords placed itself into voluntary business rescue on 28 October, it cut its staff complement by more than 50.  The department chain employs 763 people.  The store closures come at a time when a new rescue plan was submitted to creditors and shareholders on Friday.

• Read this report by Ray Mahlaka in full at Moneyweb

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