Edcon CEO promises a debt free future amid financial woes

Edcon says it plans to have the deal signed before Christmas and implement it early next year.

FILE: An Edgars store. Picture: EWN.

JOHANNESBURG – Retail giant Edcon and owner of Edgars says it’s working on a deal which will ensure its survival and retain thousands of jobs.

Edcon says it plans to have the deal signed before Christmas and implement it early next year.

According to The Sunday Times, the owners of Edgars have warned that about 140,000 jobs would be cut.

But Edcon has refuted those claims and says all its shareholders, landlords and suppliers have come together in working towards saving the company.

CEO of Edcon Grant Pattison says the future of Edcon is one that's debt free.

Pattison says while they have been experiencing financial trouble for a long time, they are already on track in closing a deal that will save the company.

“And what we’ve made the commitment to do is in those small amounts of stores closing in the next three years is to accommodate all store staff into our other stores.”

Pattison says only a small number of stores will be closed.

“Also, the future of Edcon will be with sufficient cash on hand so that we can spend that money on fixing problems the company is facing.”

He says there will be no net job losses.