The R2.7bn deal that clothing retailer Edcon reached with its banks, landlords and the Public Investment Corporation on Friday will free it up to push through with its survival plan, says CEO Grant Pattison.
"We can now focus on fixing the business," Pattison, a former CEO of Massmart who was brought in to turn around the ailing retailer a year ago, said in an interview. The scale of Edcon’s latest problems came to light when the company wrote to its landlords in December asking them for a two-year"rent holiday" of 41% for all its stores, in exchange for a 5% stake.
Pattison said now that Edcon had been refinanced, it could focus on its restructuring, which would see it cut its retail space and the number of its stores by about a third over the next
Giving the keys to the inmates again. These are the same people that ran the business into the ground and now we give them R2 billion to 'repair' it. Morons.
Get rid of the rude staff at most Edgars stores. EdgarsHelp
Give it 24 months and it will be in exactly the same position again
He and his team definitely earned the big bucks on this one.
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Edcon group gets R2.7-billion lifeline | Business | M>he UIF, debt holders and landlords have all come to the rescue of the troubled Edcon group — which owns Edgars, Jet and CNA — in a deal that proponents say will avert a “jobs massacre” and swathes of mall space being shuttered.
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