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.
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