Nigerian media group ThisDay (Pty) Ltd, which is to launch a national daily newspaper in South Africa early next year, has purchased CNA Entertainment, a company consisting of 71 retail stores in the CNA chain, the company announced on Thursday.
Though part of the original CNA group, these stores were not part of the liquidation which saw approximately 140 shops sold by the liquidators to Edgars Consolidated in October 2002.
The new chain, which lays the foundation for ThisDay’s retail division, embraces stores of varying size and prominence, including Bryanston and Linksfield in Johannesburg, St George’s St Mall, Rondebosch and Sea Point in Cape Town, as well as
Umhlanga Rocks and Ballito Bay in KwaZulu-Natal, and two stores in George. They are significantly concentrated in Johannesburg, Cape Town, the Eastern Cape, East Rand, and North West Province.
ThisDay took control of the stores on December 1, 2002, and has moved rapidly to stabilise supplies of goods in time for the Christmas and back-to-school seasons.
The new management on Thursday issued a letter to staff informing them that no adverse changes were anticipated in their salary, leave, medical aid and other employment conditions.
“Indeed, they will be going into a more robust structure with world-class human resources standards,” the media company said.
Added John Matisonn, editorial director of ThisDay South Africa: “ThisDay shall,
within a few weeks, re-brand the stores with its own name and announce its expansion plans.
“To ensure continued prosperity and growth, the retail company will draw on international associations to help widen the scope of its operations.
“This purchase launches the retail division of ThisDay (Pty) Ltd and confirms what we said at the time that we lost our bid for the liquidated CNA stores — that ThisDay is in South Africa to stay. The South African stores will serve as a platform for expansion into other parts of Africa in the new year.” – I-Net Bridge