WATCH: How Grant Pattison plans to fix Edcon
Grant Pattison, the CEO of unlisted retailer Edcon has the tough challenge of restoring Edcon to its former glory.
The company is in talks to refinance more than R2bn of its debt as it pursues a turnaround strategy, but the euphoria that resulted from the election of Cyril Ramaphosa first as ANC leader and then the country’s leader is beginning to wane, while retail sales growth rises at a slower pace and consumers feel the pressure of the increase in value-added tax (VAT).
Pattison spoke to Business Day TV about his four-point plan to fix the retailer.
Edcon CEO Grant Pattison talks to Business Day TV about his turnaround plans for the 89-year-old retailer
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