U-turn for Pick n Pay in South Africa

Pick n Pay has formally withdrawn its consultation process, a move that will likely spare the company from a potentially costly dispute. The decision comes as the retailer expects its per-share losses to be between 33.77 cents and 40.52 cents, a significant improvement over its last financial year. The company will publish its full financial report on October 26, providing clearer details on the withdrawal, but for now, the outcome is likely to be a welcome relief for the struggling South African retailer.