| Fri 1 Aug 2008, 12:56 | | ABL/ABLP - African Bank Investments Limited - Consolidation of the Ellerines |
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ABL ABLP
ABL
ABL/ABLP - African Bank Investments Limited - Consolidation of the Ellerines
Divisional Structures
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code : ABL ISIN : ZAE000030060
Preference share code : ABLP ISIN : ZAE000065215
("ABIL")
CONSOLIDATION OF THE ELLERINES DIVISIONAL STRUCTURES
After the acquisition of the Ellerines group by ABIL in January 2008, management
set about redefining the company`s strategy.
One of the steps in this process is to streamline the existing organisational
and management structures to support fewer brands that are differentiated and
targeted at specific customer segments. Ellerines currently consists of 13
brands supported by 4 divisional management structures, and a corporate head
office. In order to deliver on the strategy the management structure of
Ellerines will be reorganised.
The following decisions have been approved by the ABIL board and are in the
process of being implemented;
The consolidation of the Traditional Division and the management structures of
the Ellerines, FurnCity and Town Talk brands into one management team, with a
view to rationalising the brands into one;
The consolidation of the Universal Division and the management structures of the
Beares and Lubners brands into one management team, with a view to rationalising
the brands into one;
The Decorating Division`s management structure together with it`s underlying
brands, being Wetherlys and Osiers, have already been integrated with the Osiers
stores and brand currently being absorbed into Wetherlys;
The Value Division and the management structure and two of its brands, Mattress
Factory and Dial-a-Bed, have been integrated, with the Mattress Factory stores
and brand currently being absorbed into Dial-a-Bed; and
Geen & Richards, Savells Fairdeal and Furniture City will be managed on a stand
alone basis.
This rationalisation does not affect any of the managers or staff in the
branches.
Midrand
1 August 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/08/2008 12:56:01 Produced by the JSE SENS Department.
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