Attempts to get a buyer for the Stuttafords group to rescue them have failed and their creditors have decided to close the company after almost 160 years of doing business in the country.
Last year, the company was placed on business rescue after its profits fell sharply and its debt amounted to R836 million.
Because the company is not wound up, but in business rescue, the staff will at least get retirement packages and will not end up on the street with empty hands.
The weak purchasing power of the public, due to the poor economic conditions created by the ANC government, was the primary reason for closing the stores.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
