Edcon group
TFG concludes agreement to buy Jet stores, some approvals pending
TFG, known as The Foschini Group, said in July it will buy 371 stores and some assets of Jet for R480 million ($27.56 million) in order to expand into the...
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Majority of Edcon creditors approve rescue plan
The approval paves the way for the administrators to finalise the sale process by the end of June to allow time for supplier negotiations and for summer stock to be purchased.
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Edcon creditors’ bid to halt business rescue struck off the roll
Kingsgate Clothing and Clematis Trading filed the urgent application in a bid to halt the adoption of Edcon's business rescue plan, which could see the group sold by July.
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Edcon serves retrenchment notices to 22,000 employees
The retail company’s business rescue team said in order to save the retail giant from liquidation, staff numbers needed to be reduced as sale figures continued to tumble.
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Retailer Edcon can be saved, administrators say
The administrators told creditors that Edcon could be saved because it had 'valuable brands and market position that can possibly be preserved through business rescue'.
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Financially struggling Edcon to still open stores in line with Level 4 rules
The group, which owns Jet and Edgars, wants to file for voluntary business rescue within the next few days in order to stay afloat.
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CEO Grant Pattison in tears as Edcon prioritises salaries
Pattison had a difficult conference call with his suppliers on Thursday explaining that they could not pay them.
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Edcon board approves proposed recapitalisation plan
Edcon has been under extreme financial pressure over the past few years.
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Saftu calls on Edcon management to avoid potential job losses
Edcon CEO Grant Pattison said while the company has been in financial trouble for a long time, it’s already on track in closing a deal that will save the company.
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Saftu appalled by reports of job losses at Edcon
Saftu's Zwelinzima Vavi says the country can't afford any more job losses.
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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.
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Edcon refutes liquidation reports
The Sunday Times is reporting that the owners of Edgars have warned that over 100,000 jobs are therefore on the line.
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National Credit Regulator: Edcon ruling a win for consumers
The regulator’s Jaqueline Peters says they will now approach Edcon to request an independent audit of its loan book.
