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Fin24 reports that, although disappointed that Stuttafords was in a winding down process, chief executive Robert Amoils said he was glad the retailer could at least pay staff their full retrenchment packages.
Following a business rescue process that lasted seven months, creditors voted last week to a wind down of the retailer, which was founded in 1858. “Over the course of the next few months, should a third party not come forward to buy one or more of the stores, it will mean that by July or August our entire store base would have closed,” said Amoils. So far four department stores have been closed and five still operate. For Stuttafords’ 950 staff members, in a case of liquidation their years of long service would have “been for nothing” and their retrenchment packages would have been capped, but with the wind down, the full retrenchment packages will be payable without any limitation.
Read this report by Lameez Omarjee in full at Fin24
Get other news reports at the SA Labour News home page