SOUTH AFRICA: Retail Apparel Group Put Into Liquidation
South African chain Retail Apparel Group (RAG) has been put into liquidation as the depressed credit sales environment and debt repayment pressures on consumers take their toll. The store group's parent McCarthy Limited, which owns 96 per cent of RAG, said in a statement: "The combined effect of these developments and serious concern about RAG's future facilities and prospects in this over-traded segment of the market made liquidation unavoidable."
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