BREAKING NEWS: Edcon enters business rescue

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 15 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 63%

South Africa News News

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.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

When the president announced two weeks more to lockdown, it was like a final nail to a coffin!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines