It’s reckless! - Steinhoff Africa Retail on Tekkie Town mass resignations

Also read:

It’s reckless… The people who have stayed in the business… we’ll do our best to defend every employee who have stayed…

Jayendra Naidoo, Steinhoff Africa Retail

Star has 5100 stores… Tekkie Town has 368. Even if 100 left… Star has the capacity to replace the Tekkie Town management…

Jayendra Naidoo, Steinhoff Africa Retail

Many of the problems between Tekkie Town and Steinhoff Africa Retail (Star), which led to mass resignations on Monday, were caused by the worsening relationship between Tekkie Town founder Braam van Huyssteen and Star CEO Leon Lourens.

Employees are rallying behind Tekkie Town and the culture established by Van Huyssteen.

Van Huyssteen, moved by the resignations, is undertaking to financially assist all of his previous employees – who he says he views as family - until he has “personally run out of money”.

He is also planning to evict Star from its premises in George, which he owns.

The Money Show’s Bruce Whitfield interviewed Star Chairperson Jayendra Naidoo, as the fight for the soul of Tekkie Town in George reaches fever pitch.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Tekkie Town represents about 3% or 4% of the revenue of Star…

Jayendra Naidoo, Steinhoff Africa Retail

We’ve got to be very firm, from a legal point of view… it’s regrettable that it has come to this…

Jayendra Naidoo, Steinhoff Africa Retail

Star has taken legal advice… at this point in time we’re not leaving…

Jayendra Naidoo, Steinhoff Africa Retail

Every company has a risk that their employees will take IP and start a competing business… Star will not like anybody to attempt to compete using IP or information that belongs to the company…

Jayendra Naidoo, Steinhoff Africa Retail

We’ve got legal rights… we’ll enforce them… We’re not capable of being pushed out.

Jayendra Naidoo, Steinhoff Africa Retail

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our mailing list

* indicates required

This article first appeared on 702 : It’s reckless! - Steinhoff Africa Retail on Tekkie Town mass resignations


Recommended

by NEWSROOM AI
Read More
South Africa is flirting with recession. Again. How to 'create your own economy'

South Africa is flirting with recession. Again. How to 'create your own economy'

The timing could not be better to create your own economy, says small business guru Pavlo Phitidis.

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

How to calculate how much money you need to never have to work again

How to calculate how much money you need to never have to work again

How much is enough? Is there a simple calculation? Warren Ingram, a personal financial advisor at Galileo Capital, explains.

Tekkie Town execs declare war on Steinhoff, Van Huyssteen fires hectic 1st shot

Tekkie Town execs declare war on Steinhoff, Van Huyssteen fires hectic 1st shot

The Money Show’s Bruce Whitfield interviews Bernard Mostert, the outgoing CEO at Tekkie Town.

Steinhoff Africa Retail on name change to Pepkor (and fight with Tekkie Town)

Steinhoff Africa Retail on name change to Pepkor (and fight with Tekkie Town)

The Money Show’s Bruce Whitfield interviews Jayendra Naidoo, Chairperson at Steinhoff Africa Retail.

Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder

Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder

Markus Jooste was his “friend” and business partner. The Money Show’s Bruce Whitfield interviews Van Huyssteen.

Popular articles
Dead bodies, syringes and condoms - the ugly truth about pollution in CPT rivers

Dead bodies, syringes and condoms - the ugly truth about pollution in CPT rivers

Plastic Pollution Initiative carried out the assessment last month and says the situation is dire and the findings shocking.

It just became legal for anyone to deal in dagga-derived CBD

It just became legal for anyone to deal in dagga-derived CBD

Cannabidiol now falls entirely outside of drug regulations. Africa Melane interviews Andre du Plessis (Cannabis Working Group).

How to calculate how much money you need to never have to work again

How to calculate how much money you need to never have to work again

How much is enough? Is there a simple calculation? Warren Ingram, a personal financial advisor at Galileo Capital, explains.

City of Cape Town in bid to rein in unruly taxi drivers

City of Cape Town in bid to rein in unruly taxi drivers

Mayoral Committee Member for Safety and Security JP Smith worried by negligent and dangerous driving.

Twenty Cape Town dogs facing euthanasia find safe homes

Twenty Cape Town dogs facing euthanasia find safe homes

Mdzananda Animal Clinic in Khayelitsha was overcrowded and the public stepped up and came to the rescue.

'Two officers jumped out of the car and started assaulting me'

'Two officers jumped out of the car and started assaulting me'

Graham Westcott tells Kieno Kammies about how the police allegedly attacked him in Sea Point, Cape Town.

Boeing 737 MAX: 'Sensor broke off, computer misread data and fought the pilots'

Boeing 737 MAX: 'Sensor broke off, computer misread data and fought the pilots'

Guy Leitch, the managing editor of SA Flyer Magazine, provides insights into what caused the airplane crash.

'BEE has closed many avenues for skilled people'

'BEE has closed many avenues for skilled people'

Africa Melane speaks to EOSA's Johannes Wessels about why so many highly skilled South Africans are taking their talents overseas.