Edcon makes headway in securing R3bn in funds to keep it going
By Janice Kew - Feb 5th, 14:25
Edcon Holdings is making progress toward securing R3bn in funding to keep the South African clothing retailer afloat, with the Public Investment Corporation part of the ongoing talks.
“The approval process is moving forward,” CEO Grant Pattison told reporters. There was “no reason to believe anything is moving off track”.
The PIC, Africa’s biggest money manager, may provide R1.8bn to assist the company, people familiar with the matter said last week.
The owner of brands such as Edgars and Jet employs about 21,000 employees in a country where more than one in four people don’t have jobs and is struggling with a depressed consumer environment and the fallout of a debt-fuelled takeover in 2007. Banks and bondholders took control in 2016 to avoid the retailer failing.
Edcon is closing stores and reducing floor space while the talks progress, Pattison said. The R3bn will give the company three years of breathing space and help it achieve a profitability goal in the third of those, he said.Business Live
Is Woolworths unravelling in Australia?
15/02/2019 - 16:35
The sudden departure of two Australia-based nonexecutive directors of Woolworths has fuelled speculation that the troubled retailer will be forced to announce another huge write-down related to the R21bn acquisition of the David Jones department store.
Clover: Israeli link meeting resistance
15/02/2019 - 10:58
The market is nervously considering the implications of empowerment company Brimstone’s decision to review its role in the much-awaited takeover of local dairy giant Clover.
Latest retail sales figures show disappointing trend
15/02/2019 - 10:01
Available economic activity data has shown that the economy ended last year on a weaker footing, with December retail sales figures being the latest to disappoint, declining for the first time in nearly two years.
Woolworths denies that it copied Superlatte products
14/02/2019 - 12:10
Woolworths has categorically denied allegations by Michelle Legge, who founded beverage company Superlatte in 2016, that the retailer has copied her product.
New market store opens through the Pick n Pay market store
14/02/2019 - 11:51
The community of Thokoza welcomed the opening of Matlala Market and it will now offer customers greater variety, a fresh offering and money services under one roof and on their doorstep.