EDITORIAL: CNA doesn’t seem like an attractive proposition

When investment house Astoria took a 70% stake in CNA, director Jan van Niekerk argued the more than 100-year-old stationery store was worth saving and it had survived the Great Depression and two world wars.

Its management team, who have taken ownership of Astoria’s 70% stake, are locked in a fight with CEO Benjamin Trisk, who owns the other 30%. Trisk has approached multiple business rescue practitioners about a process to save the company, which has been struggling to pay what is due to creditors, without the board’s backing.

One experienced retailer explained that to save an ailing company you need a team that has worked together successfully for a “long, long time” and, he said, that seems to be missing from CNA. Suppliers to CNA also stand to lose out if the ship sinks and some have already paid the price. When CNA was sold to Trisk and Astoria for R1 plus lease and staff obligations in February 2020, the supplier debt stayed with former owner Edcon.

Any supplier who lost more than 90% of their cash and then took another risk supplying CNA could be again be left with unpaid bills.

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