The liquidation follows the agency being plunged into financial crisis after its owners, Gordon Kay & Associates, defaulted on the last R70m instalment of the purchase price due to Wooltru. This led to a loss of confidence in CNA by its creditors and suppliers, who then demanded payment on what was owed them.
The office of joint liquidator Hans Klopper said they intended to sell the assets stock and certain fixtures but not the CNA brand.
Klopper said it was hoped that the new owners would offer continued employment to the personnel in the stores.
The shops for sale are at Loch Logan, Waterfront Bloemfontein; Traduna Mall, Port Elizabeth; Humerail, Humewood, Port Elizabeth; Bothaville; Kimpark, Kimberley; Randburg Waterfront; Greytown; Milnerton, Cape Town; Colesberg; Delmas; Orkney; Malmesbury; Marble Hall; Ficksburg; Waterglenpark, Waterkloof, Pretoria; Blackheath; SchweizerReneke; Heathway Centre and Odendaalsrus.
Business Day
Publisher: Business Day
Source: Business Day
