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Massmart results reflect downturn by Lans
July 16, 2009, 8:48 am
Filed under: Local Company News

July 10, 2009

By Florence de Vries

Wholesale retailer Massmart posted a 10.4 percent increase in total sales in the 52 weeks to last month, boosted largely by inflation. However, sales also reflected the group’s first real sales decline in a number of years, attributed to a significant drop in the Massbuild division and a change in the group’s British American Tobacco South Africa (Batsa) wholesaling model.

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New Clicks: Odd lot offer implemented by Lans
July 7, 2009, 1:10 pm
Filed under: Local Company News, Retail

The odd lot offer to Clicks shareholders that held less than 100 ordinary shares in Clicks on Friday had been implemented, JSE-listed New Clicks advised shareholders yesterday. The total number of ordinary shares relating to those odd lot holders who had elected to sell or were to deemed to have sold their odd lot holdings was 5 674. These shares cost R17.41 apiece for a total consideration of R98 784. These shares would be delisted and restored to authorised but unissued share capital. The total number of ordinary shares held by odd lot holders that had elected to retain their holdings was 2 658. – Florence de Vries



Lewis: Downgrade not fair – analysts by Lans
June 12, 2009, 8:28 am
Filed under: Local Company News, Local News

Two analysts disagreed with Morgan Stanley’s underwieght rating of Lewis Group yesterday. They said the bank failed to consider the quality of the furniture retailer’s management and that its customers were less affected by higher interest rates. But analysts agreed with the overweight given to JD Group, ascribing it to the firm’s settling of contingent liabilities. RMB asset managers said Lewis was a better candidate at this point in the cycle. – Florence de Vries



Jobless seek hope in the franchise industry by Lans
June 2, 2009, 7:38 am
Filed under: Local Company News, Retail, Trends

Interest in sectyor grows, but banks are getting stricter
May 28, 2009

By Lucky Biyase

Retrenchments triggered by the deepening economic meltdown have driven more people to look at investment opportunities in the franchise industry, according to industry specialists.

“Based on the interaction with our clients in general, there is an increase in the number of enquiries from prospective franchisees,” said Bendeta Gordon, the director of Franchise Direction, which conducts research on small, medium and micro enterprises (SMMEs).

But although interest was growing, newcomers were battling to find funding to buy franchises. “Banks are applying more stringent criteria to approving franchise applications,” she said.

“For the period 2006 to 2008 we saw more than 115 new franchised systems being introduced. We expect this number will increase during 2009 and 2010 as companies look at risk-averse ways of expanding their networks,” Gordon added.
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Ellerine presents Abil with problems by Lans
June 2, 2009, 7:33 am
Filed under: Local Company News, Retail

Fixing retailer costs R400m
May 26, 2009

By Mzwandile Jacks

Ellerine, the furniture retailer acquired by African Bank Investments Limited (Abil) for R8.9 billion in 2007, was in a worse state than the microlender had thought, with write-offs having reached R1.1bn, Leon Kirkinis, the chief executive, said yesterday.

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Write-offs at Eller hit R1bn by Lans
June 2, 2009, 7:31 am
Filed under: Local Company News

Furniture retailer Ellerines was in a worse state than African Bank thought, with write-offs having reached R1.1 billion, Leon Kirkinis, the chief executive of the microlender, said yesterday. The price African Bank paid for Ellerines did not reflect the risks, he said, adding that the microlender paid more than it should have. page 3




JD Group sales shine despite job loss cloud by Lans
May 14, 2009, 12:08 pm
Filed under: Local Company News, Retail

Bad debts are top concern 
May 12, 2009

By Mzwandile Jacks

Job losses and consumer indebtedness remained a concern for JD Group, but the JSE-listed furniture retailer had an increase in sales in March and last month, chief executive David Sussman said yesterday. 

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