
Pick n Pay, backed by Ackerman family, opens new store after closing 32 locations
This comes barely two months after the company closed 32 stores as part of its restructuring plan.
This comes barely two months after the company closed 32 stores as part of its restructuring plan.
In just nine days, the family’s stake gained R263.07 million ($14.25 million), clawing back some of last year’s losses.
The retailer has closed 32 additional stores across the country, signaling its effort to streamline operations and reduce losses.
The family’s stake, previously valued at R4 billion ($213.8 million), now stands at R3.62 billion ($193.95 million).
Pick 'n Pay shares on the JSE have delivered a remarkable year-to-date return of 31.46 percent, enriching shareholders with substantial stakes in the company.
This offsets earlier losses of $20.15 million between Oct. 7 and 20, when the family’s stake fell from $206.91 million to $186.75 million.
The Ackerman family holds a 25.53-percent stake in Pick n Pay, equivalent to 124,677,238 shares.
Pick ‘n Pay’s discount chain, Boxer, was a bright spot, delivering robust sales growth of 16.1 percent despite a challenging economic environment.
The recent increase follows a significant gain of $18.5 million between March 15 and April 9, when their stake in the retailer surged to $131.50 million.