Why Whitey quit
Last week Groupon announced that it has wound down its operations in South Africa, as part of a global shedding in an effort to "make the business more efficient", reports Andy Walker of Memeburn, who also explains what this means for any coupons you've not yet redeemed.
In other top story news, Whitey Basson will step down as Shoprite CEO at the end of the year. He will be succeeded by COO Pieter Engelbrecht and remain with Shoprite as non-executive vice-chairman, acting as a sounding board to ensure an orderly leadership transition.
Ann Crotty of Times Media Group covers this in detail to explain why Whitey quit. It seems clear, she says, that "he is stepping aside in the face of longtime associate Christo Wiese's determination to merge Shoprite with furniture retailer Steinhoff". Put simply, he is weary and 'gatvol'.
Stuttorfords, on the other hand, has voluntarily submitted itself for business rescue proceedings. The plan will be presented in February 2017, following festive season trading. But observers of the South African retail industry are not convinced that 'the grand old dame of retailers' can survive amid SA's economic malaise.
PS: This week also sees the launch of our #Bizcommunitoon, which will be brought to you weekly by award-winning local cartoonist Jeremy Nell, AKA Jerm. Expect topical business views illustrated in a way that's sure to bring a smile to your face. Enjoy!
Comment online in our ed's column archive. Go mobile with apps and m.bizcommunity.com. Engage with us on Twitter, Facebook, LinkedIn and Google+. Subscribe to YouTube and via RSS. Send all your retail news and event invitations to retailnews@bizcommunity.com, exclusive opinion pieces to contributors-retail@bizcommunity.com and international news to internationalnews@bizcommunity.com. Read "How to contribute to Biz, from op-ed pieces to news". | |
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