Edcon succumbs as Covid-19 brings premature end to Pattison’s rescue act
Lockdown hastens painful reckoning
29 April 2020 - 20:49
A tsunami of economic destruction unleashed by Covid-19 claimed its first high profile private company on Wednesday after Edcon, one of the biggest names in SA retail industry over the last century, filed for business rescue.
The future of Edcon, which ironically traces its roots back to the time of the Great Depression in the late 1920s with the first Edgars store in downtown Johannesburg, has been a touch-and-go for much of the past decade. The five-week lockdown measures that include social distancing guidelines hastened its painful reckoning with creditors and suppliers. ..
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