PG dismisses liquidation reports

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File photo

Published Jul 31, 2015

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Cape Town – The Platinum Group on Friday dismissed reports that it has been placed in liquidation.

“Reports in the press and on various radio stations today (Friday) that the Platinum Group has been placed into liquidation are wholly incorrect,” it said in a statement.

Although there was “pressure”, no part of the group was in liquidation and reports to the contrary were misguided.

The companies known as the Platinum Group own and operate clothing brands Aca Joe, Vertigo, Urban, Hilton Weiner, and Jenni Button.

“Comprehensive nation-wide structured research conducted by the Sunday Times, as recently as two months ago rated Urban and Aca Joe in the top five coolest and most popular SA brands.

“Attention from a host of international and local suitors, following recent auto-immune, orthopedic surgery and other challenges for group owner and founder Marcel Joubert, has caused the group to focus on a strong re-capitalisation exercise in order to protect and grow the brand base.”

Platinum Group design director Warrick Gautier refuted suggestions that the brands had remained static, saying the group was more often a leading trend-setter, because of the group’s intimate interaction with and understanding of its stylish clientele.

While the re-capitalisation process was underway pressure had been placed on the group’s ability to perform optimally.

Certain landlords, such as Old Mutual, had strongly supported the group and its brands during this period, while others had regrettably taken a more confrontational approach.

To protect the affected shops and parts of the group, the executive had recently elected to initiate structured business rescue proceedings on the affected entities to return the group to optimal condition.

The Platinum Group asked loyal customers and the South African public at large to support these “iconic” SA retail clothing brands as they worked to restore the group to optimal condition.

ANA

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