Led by South African Ackerman family, Pick ‘n Pay suffers $153-million impairment
Pick ‘n Pay’s discount chain, Boxer, was a bright spot, delivering robust sales growth of 16.1 percent despite a challenging economic environment.
Pick ‘n Pay’s discount chain, Boxer, was a bright spot, delivering robust sales growth of 16.1 percent despite a challenging economic environment.
This surge solidifies the Ackerman family’s position as one of the wealthiest investors on the JSE.
The downturn in Pick ‘n Pay’s market value coincides with recent financial challenges and legal disputes. The retailer is embroiled in a legal battle with one of its major franchises.
The recent decline in Pick ‘n Pay shares has led to a reduction in the market value of the Ackerman family’s stake by R906.4 million ($47.43 million) over the last 15 days