The founding Ackerman family may lose control of Pick n Pay if they do not reinvest sufficiently in the business, given sweeping changes announced this week that seem to signal a cash crunch.

Pick n Pay last week proposed a capital raise of up to R4bn for midyear and mooted a separate listing of specialist retail subsidiary Boxer in the second half of this year. The company wants to retain control of Boxer, which targets middle- to lower-income markets...

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