Stuttafords has been placed in a business rescue wind-down after 61% of independent creditors, who are owed a total of R836-million, this week voted in favour of this process over a liquidation. Unless a buyer comes forward, this means assets will be sold and stores closed in order to realise money for creditors and the business. Creditors include the retailer's primary banker Nedbank, as well as brands such as Estee Lauder, Levi Strauss, Tommy Hilfiger and Polo. If the wind-down is completed, the name of the 159-year-old department store will fade into history, and the company, which will essentially be a shell, may still be liquidated. On Wednesday this week, 61% of creditors voted in favour of the winding down. "It's a positive outcome for the staff of the company and given the circumstances it provides the best outcome for creditors and other affected parties," said CEO Robert Amoils."It's positive that the staff of the company, many of whom have been employed for over 20 years,...
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