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Edcon board approves proposed recapitalisation plan

Edcon has been under extreme financial pressure over the past few years.

FILE: An Edgars store. Picture: EWN.

JOHANNESBURG - The Edcon board has approved the structure of a proposed recapitalisation plan and in response, lenders have extended waivers to allow time for the company to turn itself around.

Edcon has been under extreme financial pressure over the past few years.

A Sunday Times report said that Edcon was near to collapse, with thousands of jobs on the line.

Management denied this, saying that a plan was in place.

Edcon CEO Grant Pattison says this is good news for their workers.

“This means our employees and the employees of our suppliers can enjoy this Christmas with comfort that the business has a plan to not only survive but to also thrive. I’m hoping that gives them a chance for an enjoyable celebration.”