September 19, 2019 / 11:00 AM / 5 months ago

S.African retailer Mr Price warns of possible loss

Shoppers walk past South Africa's Mr Price clothing store in Johannesburg, South Africa, May 31, 2019. REUTERS/Siphiwe Sibeko

JOHANNESBURG (Reuters) - Mr Price Group Ltd faces a potential hit of up to 20 million rand ($1.37 million), the South African clothing retailer said on Thursday, following an internal investigation into allegations of non-compliance with its own code of conduct.

Mr Price, which also sells furniture and home decor, said the potential exposure ranges from 10 million to 20 million rand, without providing further detail.

“Should this materialise, the group will seek to enforce its contractual rights against the supplier,” the company said in a statement.

The company last week suspended two members of senior management as a precaution following allegations of non-compliance with the firm’s code of conduct relating to a single supplier. It did not name the managers or the supplier.

($1 = 14.6506 rand)

Reporting by Tanisha Heiberg; editing by Jason Neely

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