New owners aim to recapitalise and stabilise the business, while former owner faces fraud charges.
Christmas has come early for Hamleys South Africa – the local franchise operations of the world’s oldest toy store chain – as it has been saved through the business rescue process after facing closure earlier this year.
A new black empowered company called Antares is set to take over Hamleys South Africa, effectively recapitalising the business and saving some 140 jobs. Antares is backed by two independent Joburg-based family-owned retail groups, Osbro Home and Rand Outfitters.ecapitalise and stabilise the business, while former owner faces fraud charges.
Source: MoneyWeb 19 Nov 2019