The struggling retailer reported a headline loss for the year to end-February, with its Pick n Pay chain suffering a trading loss of R1.5 billion.
The board has approved a six-point turnaround plan under returning CEO Sean Summers, who replaced Pieter Boone in October last year. To fund Pick n Pay's capital requirements, the group plans to list its successful discount retailer Boxer on the JSE and issue new shares worth R4 billion.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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