Edcon business rescue on track, even as 17,000 job cuts start

📆 17/06/2020 03:54 p. m.
📰 BDliveSA

⏱ Reading Time:
16 sec. here
2 min. at publisher
📊 Quality Score:
News: 10%
Publisher: 63%

México Noticias Noticias

A plan to sell Jet and Edgars together did not garner sufficient interest and if one brand is sold, the other’s stores will be closed

Embattled retailer Edcon, which has issued retrenchment notices to its almost 17,300 employees, said on Wednesday that its business rescue process is going as planned.

The company owes about R6.7bn to creditors, with R3.1bn owed to unsecured creditors who will get nothing if the company is liquidated, according to the business rescue plan. However, should a sale go ahead, “for those parts of the business, affected employees would be transferred to the new owners”.

Escribir Comentario

Hemos resumido esta noticia para que puedas leerla rápidamente. Si estás interesado en la noticia, puedes leer el texto completo aquí. Leer más:

México Últimas Noticias, México Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

High court errs in business rescue ruling for restaurantsThe judgment that the unpaid salary bill is a legal debt stems from a misunderstanding of lockdown regulations
Fuente: BDliveSA - 🏆 12. / 63 Leer más »

DA calls for immediate release of SAA’s business rescue planWell, someone had to hold Pravin accountable
Fuente: ewnupdates - 🏆 30. / 53 Leer más »