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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now