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Written by Alessandra Narayan
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Thursday, 04 December 2008 |
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For SLReports.net Tyrian Camilo, CEO of Kauppa Stores (ACE), has announced that this retail chain is closing down for good, due to unability to “bring this business into a satisfactory stability”.
This way the first step in order to “cut the losses” (debt is L$87,542) will be selling “all land to the market by 16th of December”, to be accurate 22,016 square meters, currently bottom valued in L$68,249, Camilo informs. If KAU achieves income after the liquidation, the corporation will “pay the remaining as dividend” and “all shares will be converted to SLIB shares, coming out of SLIB (SL Investors Bank) as owned shares at a rate undetermined right now”. While there’s still L$5,990, Camilo stressed that “this is one step towards re-focusing the overall business of SLIB and concentrating those stable and profitable business sectors we engage in”, finalizing his statement with one word directed to shareholders: “Sorry.”
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