The embattled company sells its stores and distribution centres in SA to King Investments
03 December 2019 - 20:20Food retailer Choppies has sold its stores and distribution centres in SA to King Investments for R1, it said on Tuesday.
The losses were worsened by the “lack of cash flow resulted in trade creditor suppliers not being paid on their applicable due date and hence refusing to supply stock, causing stores in SA to become understocked and lose market share.” “Such scenario would have had negative consequences for the liquidity of the company and the relationship of the Botswana business entities with critical suppliers.”
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