Edcon attracts 15 suitors for its assets
Accelerated sale needs to be completed by July
Edcon has attracted 15 entities interested in buying one or both of its two divisions as the retailer scrambles in a last-ditch attempt to stay afloat to raise money from assets worth nearly R11bn to pay off creditors.
The owner of Edgars and Jet, which is facing liability claims worth about R6.7bn from creditors such as Absa and Goldman Sachs, has struggled since it was taken private in 2007 and saddled with huge amounts of foreign debt. It was pushed into business rescue after it lost R2bn in sales during a forced lockdown closure...