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CNA was saved from the brink of liquidation earlier this month after the former business rescue practitioners agreed to give a little-known creditor control over the retailer’s finances, in an order that had to be overturned by the court.

But the new business rescue team, aiming to save CNA, challenged the decision in court, winning a reprieve that ensured the more than a century-old stationery retailer lives to fight another day...

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