GEORGE NEWS - The CNA branch in York Street Boulevard closed down in May amid news reports of difficulties the company is having to pay creditors and turmoil among members on its board of directors.
The Sunday Times reported on Monday 31 May that CNA had confirmed it is negotiating with funders "to help see it through a trading environment ravaged by the pandemic".
Upon enquiry about the closure of the George store, operations director Robert Shortt told George Herald he had no comment.
It is unsure how many people were employed at the branch. Elrina de Kroon, portfolio manager at Aria Property Group that owns York Street Boulevard, said any information regarding their tenants remains confidential.
Business Day reported recently that CNA CEO Benjamin Trisk and the rest of the CNA management team were clashing because Trisk had approached business rescue practitioners without their permission.
Trisk owns a 30% share and the rest of the management team 70%, which a consortium, Astoria Investments, had sold to them in the middle of May this year. Trisk and Astoria Investments had bought 30% and 70% shareholding, respectively, in CNA from Edcon in February 2020.
In a statement issued on Monday 31 May, Trisk said a resolution to remove him as a director had been passed at a CNA Operations Shareholders meeting on Friday 28 May.
He claims the removal was "unlawful" and he would be approaching the court to seek "various interdictory relief, specifically including, but not limited to, having the aforementioned acquisition of CNA's shares (from Astoria) set aside".
On 17 May, Moneyweb wrote that CNA had written to its creditors that it needed time to put funding in place and a payment plan over an extended period had been proposed by the retailer.
CNA thanking customers for their loyal support over the years.
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