The board of embattled clothing retailer Edcon has passed a resolution for the group to go into voluntary business rescue due to a massive R2 billion economic fallout from the Covid-19 lockdown, the group confirmed in a statement on Wednesday morning.
“Following the coronavirus outbreak in South Africa, and the President’s first announcement on Sunday, 15th March Edcon has lost R2 bilion in sales. The sales miss, and the decline in collections of the debtor’s book has meant that meant that Edcon is unable to pay its suppliers for both the March and April month-ends.
“The R2.7 billion [circa R230 million of which was still due to be received to March 2021] cash provided to Edcon in the last restructuring has been substantially utilised funding the losses for the financial years ending March 2019, and March 2020, as planned. Edcon was on track with its business plan to the end of December 2019,” it added.“This decision was made in the best interest of our company and all our stakeholders.
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