Edcon faces collapse as sales fall at least R1.2bn
CEO Grant Pattison tells suppliers group can’t pay them after losing 45% of income in two weeks before lockdown
26 March 2020 - 20:50
UPDATED 26 March 2020 - 23:37
The coronavirus outbreak in SA may be about to claim its biggest corporate victim with clothing retailer Edcon facing sales losses of at least R1.2bn, putting it on the verge of collapse.
CEO Grant Pattison told suppliers in a conference call on Thursday that it could not pay them after the group lost 45% of its income in the two weeks before the lockdown.
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