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.
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