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Edcon enters voluntary business rescue

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대한민국 뉴스 뉴스

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.

 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

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.

이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오:

 /  🏆 13. in KR

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