U-turn for Pick n Pay in South Africa

Pick n Pay expects its losses to be significantly reduced and has ended its retrenchment process, as the retailer’s turnaround plan takes shape.The iconic South African company was declared technically insolvent in 2024, leading to a leadership change and fears of potential retrenchments.In a trading statement published on the Stock Exchange News Service (SENS), the group said it had withdrawn its Section 189A consultation process, a process largely associated with retrenchments.