Edcon enters voluntary business rescue

The group said it is unable to meet its financial obligations, and is also expecting “muted demand” once SA’s lockdown ends.

The letter states the business rescue proceedings place a moratorium on all legal and enforcement actions against the company. 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. 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.

They where sinking before the lockdown

Well done SA government. Your (and the worlds) overreaction to COVID-19 is going to destroy so many lives.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Edcon files for voluntary business rescuePrivatize it. PIC MONEY Again
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Edcon to file for voluntary business rescue after losing R2bn in salesOh God. Dark days ahead 💔 They lost nothing....They still hv the stock mos. How can u loose sales if u still hv stock
Source: ewnupdates - 🏆 30. / 53 Read more »

Edcon enters business rescue after losing R2bn during SA’s lockdownThe embattled retailer says that the Covid-19 lockdown resulted in R2bn in lost sales Edcon 🙄 You can easily guess who is/was at the helm of Edgars from how headline is being framed. Who owns Edgar's?
Source: TimesLIVE - 🏆 28. / 59 Read more »

Edcon to file for business rescueEdcon says it has lost R2-billion in sales since the announcement of the nationwide lockdown amid the coronavirus pandemic. No. They’ve been filing for business rescue for two years now. Again
Source: eNCA - 🏆 49. / 51 Read more »

BREAKING NEWS: Edcon enters business rescueThe embattled retailer says that the Covid-19 lockdown resulted in R2bn in lost sales When the president announced two weeks more to lockdown, it was like a final nail to a coffin!
Source: BDliveSA - 🏆 12. / 63 Read more »

Edcon to file for voluntary business rescue after losing R2bn in salesOh God. Dark days ahead 💔 They lost nothing....They still hv the stock mos. How can u loose sales if u still hv stock
Source: ewnupdates - 🏆 30. / 53 Read more »