Edcon files for business rescue as COVID-19 lockdown brings it to its knees

PUBLISHED: Wed, 29 Apr 2020 12:14:46 GMT

Embattled retailer Edcon has entered into voluntary business rescue proceedings after losing R2 billion in turnover during South Africa’s lockdown, this was said in a statement on its website. The 90-year old retailer said it is unable to meet its financial obligations and is also expecting “muted demand” once SA’s lockdown ends . The letter states that the business rescue proceedings place a moratorium on all legal and enforcement actions against the company and will still resume operations and open Edgars and Jet stores in “business rescue mode” on May 1 in line with the lockdown regulations. Below is its full statement…