Edcon, the owner of Edgars, has secured a deal with its landlords, the Public Investment Corporation (PIC) and banks that will inject R2.7bn into the business and give it, yet again, critical breathing space to turn operations around. The deal announced on Friday will see new shareholders investing R2.7bn in SA's largest nonfood retailer. This includes the PIC, on behalf of the Unemployment Insurance Fund. The deal will leave it debt free. Edcon CEO Grant Pattison said: "Trying to get these various groups of stakeholders across the line was difficult and at any one point in time a group of stakeholders was not there." Pattison said Edcon chair Gareth Penny played a lead role with banks in London, while former Investec CEO Stephen Koseff also "played a massive role" in concluding the deal. He added that the unions had been "very supportive". Etienne Vlok, national industrial policy officer at the Southern African Clothing and Textile Workers Union, said: "Edcon more than any other re...

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