Stuttafords talks focus on store closures
The 159-year-old department store Stuttafords will meet with creditors and shareholders tomorrow to discuss the company's future under business rescue
Stuttafords CEO Robert Amoils said on Friday that although "it is not our intention to close any store locations in the medium term, this is subject to various landlord discussions that are currently under way". Stuttafords employs about 950 people across its eight department stores in South Africa, two in Botswana and one in Namibia and 16 mono-branded stores, which sell brands such as Ted Baker and Tommy Hilfiger. Before the business rescue, a material head office cost-rationalisation had taken place to trim overhead costs and align them more closely with store profitability, Amoils said. "At this point in time we believe that our cost structure is as lean as it can be without negatively affecting trading performance and customer satisfaction levels." Stuttafords announced last October it had gone into business rescue, and this week the Financial Mail reported the company owed R836-million to creditors, including R147-million to Nedbank. According to the article, investors may be ...
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