2020 has not started well for the retail sector. The year was hardly a week old when perennially struggling Edcon announced it was closing its store in the high-end Rosebank Mall. This might have come as an unpleasant surprise for some of the landlords who participated in the most recent restructuring of this former retail power house.

Although presumably many of those landlords, who swapped rental debt for Edcon equity or accepted a rent reduction, will have had insight into the group’s trading performance. In July 2019, LibertyTwoDegrees (L2D) announced it had written down the value of the Edcon shares it had received a few months earlier by 30%...

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