Update
SOUTHERN CAPE BUSINESS NEWS - Responding to the high court ruling yesterday (Monday 29 April) in favour of the former owners of Tekkie Town, Pepkor said in a short statement this morning that the ruling has no impact on the day-to-day operations of Pepkor and Tekkie Town stores.
The ruling in the Western Cape High Court interdicts Steinhoff and Pepkor from selling or encumbering Tekkie Town shares or selling or encumbering the Tekkie Town business in whole or in part.
Pepkor said, "Pepkor has never had any intention of disposing of Tekkie Town and it still forms part of our growth strategy with more than 30 stores to open during this financial year. We shall continue to grow the business and to take decisions that are in the best interest of Pepkor. We are confident that the legal process to follow will validate the investment we have made in this business."
In another case filed in the high court, Tekkie Town founder Braam van Huyssteen, former CEO Bernard Mostert and other former management members are fighting to reverse the sale of Tekkie Town in 2016 in which they accepted Steinhoff shares as payment.
The former Tekkie Town management started a new retail chain, Mr. Tekkie, after the Steinhoff shares plunged and became almost worthless. Mr. Tekkie has opened its 23rd branch. According to Mostert, should they get their old business back, they will keep on operating both the chains.
Read related articles:
- Victory in court for former Tekkie Town owners
- Application for interdict against Steinhoff, Pepkor
- Former Tekkie Towners respond to Steinhoff report
- Mr Tekkie launched amid trade restraint threat
- Tekkie Town stabilised and expanding
- Mr Tekkie launches while fights for Tekkie Town wage on
- Former Tekkie Town managers interdicted
- Waarheen volgende vir Tekkie Towners
- Tekkie Town 2 in the wings
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