Edcon not out of the woods yet
The man at the helm of Edcon has a lot to prove as the ailing retailer tries to recoup lost market share
Edcon CEO Bernie Brookes seems unfazed by the less-than-lukewarm response to the group’s recently announced board. “It’s fine; we’ll prove ourselves over time,” he says phlegmatically to reports that analysts have been unimpressed by the seven-person board. Right now winning an analysts’ popularity contest is the least of the challenges facing Brookes and his new board. With three years to go before any listing (on the more optimistic projections) it is certainly less important than getting approval from the group’s remaining 45,000 employees. Brookes says he’s hoping to get the staff turnover rate down to below 30% and closer to the industry average. While most employees are presumably hugely relieved that Edcon dodged the business rescue bullet, these corporate survivors must be feeling a little frazzled after 10 years in a private equity cauldron. Of course, thousands didn’t make it; they were culled in one of Bain Capital’s cost-cutting exercises effected in a desperate bid to r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.