Edcon’s latest makeover includes closing Red Square and luring shoppers to flagship Edgars stores
Edcon Holdings latest recovery plan includes closing chains including Red Square cosmetics, and attempting to lure their customers to its flagship Edgars clothing stores. The move is the brainchild of new CEO Grant Pattison, who replaced Bernie Brookes at the helm of the retailer in February. The company has long struggled to stay afloat amid weak consumer spending and economic growth, and had to be taken over by banks and bondholders in 2016 to avoid collapse. Under Pattison’s strategy, Edcon would reduce its 1,300-store footprint and cut floor space by 17% over five years to boost profitability, the CEO said Wednesday. The retailer would focus its attention primarily on Edgars, which already sells most of the ranges available in the stores that will close. Edcon will also retain discount clothing specialist Jet and its CNA chain of stationery stores, although Boardmans homeware is set for the chop. "I do think the company can turn," Pattison said. "The quicker we can do this, the ...
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