How Grant Pattison saved Edcon
Edcon, SA’s largest clothing company, on which more than 100,000 people rely, faced extinction last year. But thanks to a series of savvy interventions by CEO Grant Pattison, who in another life would be running Eskom, Edcon may just be turning the corner. This is the inside story
Edcon, the 90-year-old retail colossus which last year came within an inch of collapsing into the scrapheap like rival Stuttafords, has been saved — for now, at least.
It’s a verdict that has been out till now but last week, the R2.7bn for Edcon’s "restructuring" landed in its bank account. It was touch and go for a while but it’s fair to say that the rescue deal for SA’s largest clothing retailer can be deemed a success...