In a deal valued at not much more than a rand and structured as a sale of stock, fixtures and brands, CNA has been sold to Astoria Investments, which for its part takes on board the troubled retailer's employees, store leases and stock - but no trade creditors or any debt.

Several long-standing retailers - including Exclusive Books, PNA and Bidvest (which owns Waltons) - looked at CNA, but did not pursue the business.

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