Tag: edcon business rescue

UIF & PIC in talks with Edcon over a potential lifeline

South Africa’s oldest retailer Edcon has confirmed the expected – that it may not emerge from Covid-19 lock-down alive. The 90-year-old retailer has entered voluntary business rescue after losing R2 billion in sales during the COVID-19 crisis and lock-down which has made it difficult to pay suppliers and debtors. Joining CNBC Africa to discuss what a rescued Edcon may look like in future is Teboho Maruping, Commissioner, Unemployment Insurance Fund.

How Edcon may emerge from business rescue

South Africa’s oldest retailer Edcon has confirmed the expected – that it may not emerge from Covid-19 lock-down alive. The 90-year-old retailer has entered voluntary business rescue after losing R2 billion in sales during the COVID-19 crisis and lock-down which has made it difficult to pay suppliers and debtors. Joining CNBC Africa to discuss what a rescued Edcon may look like in future is Independent Retail Analyst, Chris Gilmour and Teboho Maruping, Commissioner, Unemployment Insurance Fund.
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