Premier London-born Toy chain Hamleys SA goes into business rescue

  • 📰 TheCitizen_News
  • ⏱ Reading Time:
  • 66 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 75%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The toy shop chain has already closed two stores, including one of the biggest, in Midrand.

World-famous toy retailer Hamleys’ South African franchise operator Ensolor is in financial trouble and has been put into business rescue, Moneyweb can reveal.

More store closures could be on the cards, resulting in a further blow for some of South Africa’s larger shopping centres, already under strain from weak economic conditions, as well as Edcon’s downsizing and possible closure. Asked if further Hamleys stores could close and how much debt the franchise was in, he said: “It is uncertain which stores could or may close, and the business rescue plan will make proposals in this regard, once it is completed … This [debt] is a matter for the creditors concerned, and any possible investor. We are requiring non-disclosure covenants before making sensitive disclosures. Suffice to say, we are working to save the business and the jobs of several hundred employees.

Hamleys opened in SA amid much hype in 2015 as the trend of international retail brands coming into the country peaked. Following the closure of its stores at Mall of Africa and Nelson Mandela Square, it now has eight stores in major SA shopping centres. Most are located in Gauteng, with one store at the V&A Waterfront in Cape Town and another at Gateway Umhlanga in Durban.

Hamleys, the world’s oldest toy store chain, also closed several stores in the UK, where it opened its first store in 1760. The brand is now owned by the Hong Kong-listed C.banner group.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Animal activists call for closure of East London Zoo - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Dozens of animal activists in the Eastern Cape are calling on government to shut down the East London zoo. Yes PLEEEEEZZZZZ!!!!😤😢
Source: SABC News Online - 🏆 32. / 51 Read more »

Sweet deal for SA's second JSE female MD | IOL Business ReportCaptain of industry Mamongae Mahlare says she has settled well in her new role as managing director of a subsidiary of Illovo Sugar Africa.
Source: IOL - 🏆 46. / 51 Read more »