Stuttafords shutting up shops
Stuttafords runs out of road
Ellerines drop sponsorship, putting Stuttafords’s business rescue process in jeopardy and forcing it to close stores
Ellerines drop sponsorship, putting Stuttafords’s business rescue process in jeopardy and forcing it to close stores. Three of Stuttafords’s large department stores closed on Monday, leaving the 159-year-old retailer facing an even more precarious future. The stores, in Johannesburg’s Rosebank and Clearwater malls and Cape Town’s Canal Walk mall, were closed with little or no stock in them. From May 24, the Brooklyn Boutique and Perfumery will also close for trade. The retailer has offered a deluge of aggressive promotions over the past few weeks to raise money from old stock to continue trading. It’s the latest depressing news to hit the retailer, which was placed in business rescue last October. Furniture family Ellerine Brothers initially put itself forward as default sponsor should a third party not buy the business. It agreed to inject R12m into the company in exchange for 76% of Stuttafords. But once confirmed as the sponsor, the Ellerines chose to withdraw from the process, l...
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