BUSINESS DAY TV: Liquidation for Stuttafords looms large
Retail analyst Syd Vianello speaks about the state of SA retailers as many close up shop due to foreign competition and economic stagnation
BUSINESS DAY TV: In light of dwindling sales and as the prospect of liquidation looms, Stuttafords has launched a barrage of discounts to entice customers back into its stores. The department chain, which placed itself into voluntary business rescue in October, is said to meet creditors and shareholders at the end of the month to vote on a new business rescue plan. Independent analyst Syd Vianello joins us now with his views on the retailer and still with us is Nerina Visser of Exchange-Traded Fund SA (etfSA). Syd, thanks so much for joining our conversation this evening. So Ellerines has aborted its plan to feed R12bn into the Stuttafords business... SYD VIANELLO: Not R12bn it was R12m. BDTV: R12m ... Let’s just correct that quickly — R12m. SV: But they would need about R1bn to pay all their creditors if they wanted to pay them in full plus buy ... well they talk of winter stock but I guess the way we’re going at the moment we should actually be thinking about summer stock. BDTV: A...
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