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 letter states the business rescue proceedings place a moratorium on all legal and enforcement actions against the company. 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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When the president announced two weeks more to lockdown, it was like a final nail to a coffin!