Pepkor goes to court to restrain former Tekkie Town management
Pepkor has filed a court order against former executives at shoe retailer Tekkie Town to prevent them setting up a rival operation, the latest development in a bitter dispute. Pepkor, formerly known as Steinhoff Africa Retail, wants restraint of trade provisions against five previous employees including Braam van Huyssteen, Bernard Mostert and Michael Brown, according to a statement on Tuesday. Steinhoff bought Tekkie Town in 2016, and the chain became part of Steinhoff Africa when the latter was spun off about a year ago.
Founder Van Huyssteen was initially kept on at the chain, but the relationship turned sour when Steinhoff announced accounting irregularities in December that wiped 95% off its share price. About 100 Tekkie Town staff walked out in June after Van Huyssteen brought a claim against Pepkor related to an earn-out agreement he said he had with its parent, while the founder also sought to evict the company from offices in George, where Tekkie Town is based. Docume...
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