Edcon dodges liquidation
SA’s iconic Jet and Edgars fashion brands live to see another day and thousands of jobs are likely to be saved in the process
16 July 2020 - 05:00
Edcon’s sale of Jet and Edgars, the insolvent fashion group’s two key assets, disproves the general perception that business rescue typically fails. The practice was introduced in SA in May 2011 under the Companies Act and often leads to liquidation.
Once SA’s largest fashion retailer, the embattled Edcon group was placed in business rescue at the end of April after it incurred R2bn in Covid-induced sales losses and could no longer pay its debts. Edcon owes suppliers, landlords and other creditors about R6.7bn...
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