File: Edcon which owns the brands Jet and Edgars, says it will open doors when some lockdown restrictions are lifted on Friday.The group says its board passed a resolution authorising it to file for business rescue in the next few days.Edcon which owns the brands Jet and Edgars, says it will open doors when some lockdown restrictions are lifted on Friday.The business rescue allows it to continue trading while its affairs are restructured to avoid liquidation.
The company says paying April salaries will require assistance from the UIF and the COVID-19 Temporary Employee/Employer Relief Scheme. Edcon's troubles started in 2007, when it was bought by private equity company Bain for a then-record R25-billion.
So are we to believe that Edcon makes 2 billion rands a month in sales? That is 24 billion rands in a year without Q4's Black Friday and Christmas shopping upsurge. These guys weren't battling then it that's the case. Masingenziwa dom apha!
I have been in that shop once in 8 years
Join the club...we are in “provisional liquidation” 2 months into business rescue 😑😑
Edcon has been like a patient on ICU for a while now, can only pray it survives Covid...
Can't wait for that winter lockdown sale to start 🔥
I hope they're not blaming the lockdown for this.
So the whole Edcon is about to collapse because of a one month setback❓ How is that possible❓
At least they will get it. Some of us applied for UIF a month ago, we still havent received any correspondence that any of our applications are being worked on. Sad indeed
They must go get their money from Nimble Group Attorneys yer that law firm is useless that’s why Edson is broke debt collections that’s too expensive.
What big business strategy have they got they can't survive for a month without opening Huh. They make massive profits they get low rental this is kak they lying they want free money for jam they seen the 500 billion mouth is watering. All businesses same story
Stop bringing us cheap Chinese exports and look at local production. Furthermore their prices are bizarre. Sad really as once they were great!
Again?!!! Close this overpriced, bad service piggy bank!!
Edgar's lately their prices were high like really 🤔
Nothing new here
They better reduce their clothing prices, because they ridiculously expensive
Business Rescue wont assist much. Theirs is much bigger than that of failing to pay creditors. The entire business model must be reinvented or let it die. Nothing special about them, anyone can buy clothes abroad and resell. Covid 19 made it easier for them.
Great. Dinosaurs must die.
I just feel for their employees who might lose their jobs... They have been in financial trouble for a while now
I hope they can lift up their head. So many jobs. I think it all went downhill with the huge shops in the very expensive malls. It is actually heart breaking.
For the second time
A very greedy company has fallen.
Not unexpected
I hope this shows that you should let dead companies die!!! They got R2.7 billion last year and they are back for more.
The fake goods market is starting to take its toll on ordinary South Africans. The fake lovers of the poor continue advocating for criminals to come and take over a business model that has manged to put food in the table for many citizens. PutSouthAfricansFirst.
They have always been in trouble
Again
Fair. First thing I'd do is cut the product range. It's too wide. Then reduce store sizes. The stores are too large and take up too much floor space.
Shame man.
They’ve been filing for business rescue for two years now.
No.
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Source: ewnupdates - 🏆 30. / 53 Read more »
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