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BL Premium reports that stationery and books retailer CNA, which has failed to pay its landlords and suppliers in recent months, has been placed in business rescue. The chain runs about 160 books, gift and stationery stores.
While facing weak consumer demand, the retailer’s new management team has been in a battle with former CEO Benjamin Trisk, a 30% shareholder in the company, whom they allege tried to place the company in business rescue without their consent. Trisk left his role in May and was removed from the board of directors a week ago. The three main shareholders — Olinka Nell, Rob Shortt and Nazir Patel (former MTN CFO) — decided that CNA indeed had to be placed in business rescue. They had been searching for funding as they struggled to pay creditors and landlords hundreds of thousands of rand. Nell said the “directors looked at all options and decided this would be the prudent way forward”.
- Read the full original of the report in the above regard by Katharine Child at BusinessLive (paywall access only)
Get other news reports at the SA Labour News home page