Franchising company Gold Brands Investments was suspended from the JSE on Wednesday morning, after the owner of ChesaNyama and Bella Italia failed to submit its annual report.Gold Brands, which recently sold steakhouse chain Black Steer, published its full-year results to end-February in July, showing plunging revenue as the company streamlined operations and closed stores.The company has pursued significant restructuring since its listing in February 2016, moving its headquarters to smaller premises, cutting staff and closing underperforming stores, amid rising debt and mounting legal challenges from creditors.The company’s flagship ChesaNyama brand was hit by an economic downturn shortly after its listing, and Gold Brands closed half of its ChesaNyama stores in the 2017 financial year. Streamlining continued in the 2018 financial year, and revenue declined by 71% to R41m, although average store sales rose 5.2% during the period.The company confirmed the possible sale of one of its...
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