'Pretty dreadful': SA close to rock bottom, says Foschini owner TFG - but the only way is up | Business

Foschini-owner TFG says SA is nearing "rock bottom" as far as its energy crisis and structural problems are concerned.

Foschini owner TFG believes SA is close to"rock bottom" as far as its energy crisis and other structural problems are concerned, with the retailer hopeful of seeing some improvements over the next year. Speaking after the release of the group's annual results to end March, CEO Anthony Thunström told News24 that the rolling blackouts had derailed what should have been a record year for a company valued at about R31 billion on the JSE.

But business and the government were now"starting to engage a lot more closely" to find solutions to SA's economic problems, he said, likely because the country had"almost hit rock bottom".Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

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