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.
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.
Joining CNBC Africa to discuss the mix of global and local market news is Viv Govender, a Senior Analyst at Rand Swiss.
Despite the precarious financial situation retail giant Edgars is in, the property company SA Corporate is investing about R185 million into the downtown stores refurbishment. CNBC Africa reporter Kopano Gumbi spoke to the CEO of SA Corporate Real Estate, Rory Mackey about why they are still betting on Edgars.