ThisDay buys CNA stores for expansion plan.

Posted On Friday, 06 December 2002 10:01 Published by
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ThisDay, a group of Nigerian investors who made an unsuccessful bid against Edgars Consolidated for some of the CNA stores in liquidation, has bought 71 CNA-branded stores that were never in liquidation.
ThisDay, a group of Nigerian investors who made an unsuccessful bid against Edgars Consolidated for some of the CNA stores in liquidation, has bought 71 CNA-branded stores that were never in liquidation and which were owned by a separate company.

According to a statement from ThisDay, it has bought the stores from CNA Entertainment. ThisDay editorial director John Matisonn said yesterday CNA Entertainment was a group of shareholders and stockbrokers, the most important of which was UIP, the distributors of Universal Studios films in SA. He declined to name the sum paid for the stores.

'ThisDay shall, within a few weeks, rebrand the stores with its own name and announce its expansion plans,' Matisonn said. 'The SA stores will serve as a platform for expansion into other parts of Africa in the new year.'

ThisDay has previously announced plans to launch a national daily newspaper early next year. Matisonn said the retail division was a separate from the newspaper venture.

In July two of the CNA companies, Central News Agency and Consolidated News Agency, were placed in liquidation. Edcon recently bought 137 CNA stores, leaving 87 stores in the hands of the liquidators.

Business Day


Publisher: Business Day
Source: Business Day

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