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Edcon enters voluntary business rescue

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Edcon has started with voluntary business rescue proceedings after losing R2bn in turnover during SA’s lockdown, it said in letter to suppliers on Wednesday.

The group said it is unable to meet its financial obligations, and is also expecting “muted demand” once SA’s lockdown ends.

The letter states the business rescue proceedings place a moratorium on all legal and enforcement actions against the company. It said it could still resume operations and open Edgars and Jet stores in “business rescue mode” on May 1 in line with the lockdown regulations. The letter said the R2.7bn rescue funding from the Public Investment Corporation and landlords had been used to meet debt and pay bills up until March 2020.

 

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They where sinking before the lockdown

Well done SA government. Your (and the worlds) overreaction to COVID-19 is going to destroy so many lives.

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