West Pack Lifestyle, one of South Africa’s leading retail brands, has voluntarily initiated business rescue proceedings.
“The board has recognised that the Company is financially distressed… specifically in that the Company is unable to pay its debts as they become due and payable now and within the succeeding 6 months,” wrote CEO Jose Da Silva said in a sworn statement kick-starting the process. West Pack explained that it landed in financial trouble because of its accelerated growth path, which strained its cash flows.
Additionally, West Pack said that South Africa’s struggling economy and load-shedding caused further hardship.
이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오: