BUSINESS DAY TV: Rescue should have identified the stores to be closed
Gareth Cremen, Partner at law firm Hogan Lovells, discusses whether Stuttafords can be rescued as the department store launches a fire sale BUSINESS DAY TV: With time running out ahead of a May 31 deadline for shareholders in Stuttafords to present a new business rescue plan, the department store chain is discounting its store stock in what appears to be a fire sale. So what are the chances of saving the 159-year old retailer? Joining us in studio with the state of play is Gareth Cremen, he is partner at law firm Hogan Lovells. Gareth … so Hogan Lovells represents some of the smaller creditors of Stuttafords. As far as you’re seeing it at the moment, is there a plan that is going to be on the table by the end of the month that could save Stuttafords? GARETH CREMEN: It’s a difficult question to answer. You need to look at the current state of trading in the South African markets, especially the retail sector and as matters currently stand the business rescue plan has failed because o...
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