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BL Premium reports that West Pack Lifestyle has announced that a private buyer has purchased its businesses and assets, so safeguarding more than 1,100 jobs across its corporate and franchise stores.
After publishing its business rescue plan, 35 potential buyers were approached with 18 expressing interest. Fluxmans Attorneys director Craig Blumenthal said the winning bid came from a private individual who could operate the businesses through “newly established companies”. The final offer was accepted and approved in October after rigorous negotiations. Blumenthal added: “The business rescue practitioners anticipate filing for substantial implementation before the end of the year, which means that the successful business rescue of the West Pack entities took about six months to conclude, which for the size and complexity of the business and structure is an excellent result.” West Pack entered business rescue on 15 May 2024, owing over R118m to creditors, including Absa, Access Bank and Preference Capital. Its financial troubles were caused by a combination of an aggressive growth strategy, economic challenges and the strain of rapid expansion.
- Read the full original of the report in the above regard by Nompilo Goba at BusinessLive (subscriber access only)
- Lees ook, Honderde poste, talle West Pack-winkels gered ná ooreenkoms, by Maroela Media
Get other news reports at the SA Labour News home page