Pepkor feeling the heat amid R500m bailout
Management also have to worry about what Steinhoff might do with its remaining 71% stake
It’s difficult not to feel a tad sorry for the team at Pepkor right now.
Mind you, shareholders who’ve had to carry the cost of the R500m bailout for the top executives might not be inclined to do so at this stage. The executive team is facing what must be the toughest trading conditions in the group’s history.
While we used to think tough times would benefit a company that focuses on the lowest income groups, it seems the economy is so weak that parts of the lowest income groups are becoming “no-income” groups...