Blame pinned on poor economy, an expected increase in unpaid consumer accounts and a decline in sales
Pepkor — owner of Ackermans, Russells and Incredible Connection — is impairing 8% of the business’s R59.2bn goodwill and intangible value due to a poor economy, an expected increase in unpaid consumer accounts and a decline in sales.
The result continues to show the large losses that the Southern Africa Customs Union economy suffered as a result of the Coronavirus lockdown period in March April 2020.
The retailer’s R4.76bn impairment reflects that it does not think its stores will generate as much income as previously projected. Read original article at https://www.businesslive.co.za/bd/companies/retail-and-consumer/pepkor-impairs-r476bn-of-goodwill-and-intangible-value/