Financially troubled clothing and apparel retailer Truworths Zimbabwe has filed for corporate rescue while trade in its shares continue to be suspended from the Harare bourse.
The JSE-listed Truworths holds about 34% of Truworths Zimbabwe. In March this year, Truworths said it was different from the Zimbabwean entity in which it, however, also had a board representation.
Now, Truworths Zimbabwe has entered into corporate rescue as it tries to wriggle out of its financial troubles. It has been facing major risks and threats to its going concern and viability status over the past few months.
This notice serves to advise that with effect from the 7th of August 2024, Truworths Limited and its subsidiaries, namely, Topic Stores and Bravette Manufacturing Company were placed under corporate rescue, said accountancy and tax firm Crowe on Friday.
In March, Truworths Zimbabwe voluntarily suspended trade in its shares on the Zimbabwe Stock Exchange.
