AutoZone, SA's largest privately-owned automotive parts retailer, has entered business rescue after reporting it has failed to get to grips with its debt pile in an increasingly challenging South African economy.
The company, formerly part of JSE-listed Super Group, trades out of 190 leased premises and has over 1 450 employees. Into the Companies and Intellectual Property Commission, filed on 5 July, it said that following a private equity transaction in 2014 its performance has not met expectations, with lender Absa ultimately refusing to give a further extension after its debt matured at the end of June.South Africans need to be in the know if we want to create a prosperous future.
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