Tag: Edcon

Edcon administrators sign sale of Edgars to Durban’s Retailability

JOHANNESBURG (Reuters) - South African retail chain Edcon has signed an agreement to sell parts of its business to private equity-backed Retailability Ltd, administrators in charge of its restructuring said...

TFG CEO on the decision to buy Jet Stores from Edcon

The Foschini Group has put in an offer to acquire 371 Jet Stores, from Edcon, in a deal worth R480 million. In April, Edcon filed for voluntary business rescue, as it faced a distressed balance sheet. Meanwhile, on its trading update, TFG has reported a consolidated retail turnover decline of 43 per cent for the three months ended 27 June, due to the COVID-19 Lockdowns in SA, the UK and Australia. Anthony Thunström, Group Chief Executive Officer, The Foschini Group joins CNBC Africa for more.

Parts of South Africa’s Edcon set for sale to Durban-based retailer

JOHANNESBURG (Reuters) - Parts of South African retail chain Edcon are likely to be sold to private equity-backed Retailability Ltd, administrators in charge of its restructuring said.

Edcon creditors’ bid to halt restructuring meeting rejected by court – Reuters

The planned Monday afternoon meeting to consider the plan is going ahead according to schedule, the administrators said in a notice to affected parties. The meeting is still in session.

Administrators propose sales plan for SA retailer Edcon, see potential job cuts

Administrators in charge of South Africa’s Edcon have proposed a sales process that may lead to job redundancies in “significant numbers”, after the retailer filed for a form of bankruptcy protection in April.

COVID-19: Businesses seeking rescue at the tipping point, bubble is about to burst

This week Comair become the latest victim of Covid-19 lock-down's with the airline filing for business rescue hot off the heels of South African retailer Edcon.

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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