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PIC hopeful job cuts can be averted at Edcon

The PIC - which has R1.2 billion invested in the retail giant - has welcomed its proposed restructuring plan saying this was the best chance of saving jobs.

Picture: pic.gov.za

JOHANNESBURG - The Public Investment Corporation (PIC) said it believed that Edcon's business rescue practitioners would find a lasting solution to avert job cuts.

The PIC - which has R1.2 billion invested in the retail giant - has welcomed its proposed restructuring plan saying this was the best chance of saving jobs.

Following extensive discussions on Monday, more than 75% of Edcon creditors approved the business rescue plan, which will see the struggling company sold in parts.

The PIC said it supported the business rescue plan as opposed to a liquidation process, which would have a higher impact on job losses.

The approval of the plan will allow Edcon’s business rescue practitioners to fast-track the sale of the business and its entities to various bidders.

The finically distressed retailer, which has been in operation for over 90 years, lost at least R2 billion in sales after the government imposed the lockdown to curb the spread of COVID-19 - forcing it to enter into a form of bankruptcy.