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Edcon enters business rescue after losing R2bn during SA’s lockdown

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The embattled retailer says that the Covid-19 lockdown resulted in R2bn in lost sales

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.

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. It is still owed R230m in business rescue funding not yet paid. The letter does not specify who owes it.

 

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Apparently workers are also getting only 60% of their salaries🤔

Thank u anc !

When will Edgars open we need clothes

Also investors like myself are foreclosing investements because we are gatvol for the lockdown and being handled like a kindergarten especially being told what we can/cannot spend with personal money that belongs to us and not Government!!!

Edcon was already losing money way before Lockdown, even before the Corona virus

Who owns Edgar's?

You can easily guess who is/was at the helm of Edgars from how headline is being framed.

Edcon 🙄

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 /  🏆 28. in SE

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