The original article can be found here.
Article highlights:
- CNA has failed to pay some of its landlords and suppliers in recent months;
- CNA has a footprint of approximately 163 stores in South Africa and a few others in Namibia, Botswana, Lesotho and Swaziland;
- Last month, CNA’s key shareholder Astoria sold its 70% stake in the company to three CNA directors for R1.2m – the amount Astoria initially paid for the stake;
- Business Day reported last week that Trisk, who still holds 30% of the company, intends to approach the courts to have Astoria’s sale of the 70% to the other directors be declared unlawful, and he wants to be declared the sole owner instead.
