The end of 120 years of history as CNA gets sold

Edcon Group has sold CNA to a consortium of investors led by Astoria Investments, which is based in Mauritius.

All of the 167 CNA stores, along with the brand, will be sold as part of the transaction.

I really loved the business. but I want to refocus Edcon on fashion, beauty and home products - and the reality is CNA does not fit into that strategy. I think Edcon became a drag on CNA. We've been kicked out of a few malls. I think under new ownership money will flow into the business.

Grant Pattison, Edcon

This almost brings to an end the business restructuring of Edcon. We've taken back the call centre, we are now quite a simple business.

Grant Pattison, Edcon

We've been talking about the deal a while. It is a household brand. We're excited that CNA will be a standalone stationery and book retailer in South Africa. Obviously in urban areas there's competition - but in South Africa it is a growing sector, not a shrinking sector.

Jan van Niekerk, Astoria Investments

Listen to both interviews with Grant Pattison and Jan van Niekerk by clicking on the two sound clips below.

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