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Stuttafords liquidation will be avoided - CEO

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Cape Town - Retailer Stuttafords is a salvageable business and management believes it would not have to be liquidated, CEO Robert Amoils told Fin24.

"Our business is a sizeable one and, therefore, at this point in time we do not believe a liquidation is a contemplation given the indicative support from a number of our stakeholders. We don't believe a liquidation process will happen at all," said Amoils.

Stuttafords announced on Monday it will apply for voluntary business rescue after numerous measures failed to mitigate the effects of the tough economic climate and the impact of customer migration to lower-priced products.

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