Seabata Mahao
The management of Enrich supermarket is plotting a swift return to operation despite an impeding auction sale of its property.
The recent closure of the promising, youth-initiated company sent shock waves throughout the corporate world after the store experienced financial problems a few years after its hyped establishment.
As a result of the financial challenges, its debtors hauled it to court and its fitness equipment was subsequently put on auction sale to raise the funds to settle the debts.
But Thato Damane, the interim chairperson of the Enrich board of directors, yesterday told journalists that the Lesotho National Development Corporation (LNDC) has agreed to side-step the impending auction sale of its property and resuscitate the store back to life.
Damane indicated that the LNDC was still in the process of evaluating their company’s debts to plot their way in.
“LNDC is a big institute which has to step in with caution and accordingly so that LNDC can be assured of what is happening. The LNDC Chief Executive Officer addressed the matter on national radio that they were going to help us but they have to do due diligence first,” Damane said.
He said they were awaiting LNDC’s communication ahead of the scheduled auction.
“…The time is not yet up, we still believe that our equipment will not go under the hammer.”
He further said the LNDC has assigned one of its employees to be a coordinator to ensure that everything goes right to ascertain how much financial assistance is needed.
“LNDC has approved M25 million towards our rescue, which will be paid in two phases where phase one will be M15 million and phase two will be a further M10 million.
“This is because LNDC has to get its money back once we are through this situation so that they can also help others who need assistance.”
He further said Enrich is here to stay.
“We have done what LNDC asked us to do, which includes decreasing the number of our board members to four and hiring a new CEO.”
Peter Morolong as the new interim CEO, Damane said.
Summary
- As a result of the financial challenges, its debtors hauled it to court and its fitness equipment was subsequently put on auction sale to raise the funds to settle the debts.
- But Thato Damane, the interim chairperson of the Enrich board of directors, yesterday told journalists that the Lesotho National Development Corporation (LNDC) has agreed to side-step the impending auction sale of its property and resuscitate the store back to life.
- He further said the LNDC has assigned one of its employees to be a coordinator to ensure that everything goes right to ascertain how much financial assistance is needed.
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