Is the edcon Group closing down?
Edcon is South Africa’s largest non-food retailer. The Johannesburg company has had a hard time staying afloat amid weak consumer spending and economic growth and in 2016, the company had to be taken over by banks and bank holders to stop it from collapsing.
Is Edgars taken over by RCS?
Yes. Retailability has acquired the Edgars stores, and RCS acquired the Edgars credit account business.
Where did edcon go wrong?
Once SA’s largest fashion retailer, the embattled Edcon group was placed in business rescue at the end of April after it incurred R2bn in Covid-induced sales losses and could no longer pay its debts.
Is edcon a liquidation?
JOHANNESBURG – Edcon, South Africa’s biggest retailer, which filed for voluntary business rescue in April, has signed a sale and purchase agreement to sell parts of its biggest brand, Edgars, to Durban’s Retailability.
Why is Edcon suffering financially?
Financial trouble Following the private equity takeover, Edcon had a succession of CEOs, lost significant market share, and struggled with an oversupply of leased floorspace. This was partly due to an increase in cheaper imported clothing and the increasing move to online shopping by customers.
Who is taking over Edcon?
Durban-based Retailability, which finalised its purchase of the 91-year-old Edgars chain from beleaguered Edcon earlier this month, is led by Drieselmann as CEO.
Can I use my Edgars card at Checkers?
Paying your Edgars Account. PAYING YOUR EDGARS THANK U ACCOUNT HAS NEVER BEEN EASIER. You can use any one of these convenient payment methods to pay your account. Use the unique Easypay reference number SMS’ed to you & pay at any PnP, Shoprite, Checkers or Game store.
Which stores are under Edcon?
Edgars (operates in Botswana, Lesotho, Namibia, Swaziland, South Africa, Zambia)
Who is the owner of Edcon?
Bain Capital
K2016470295 (South Africa) Limited
Edcon Limited/Parent organizations
When did Edcon go into liquidation in SA?
The practice was introduced in SA in May 2011 under the Companies Act and often leads to liquidation. Once SA’s largest fashion retailer, the embattled Edcon group was placed in business rescue at the end of April after it incurred R2bn in Covid-induced sales losses and could no longer pay its debts.
Are there any buyers for the Edcon Group?
The business rescue practitioners have announced that they are pursuing an accelerated sales process of parts of the Edcon group after no buyers nor any investors were found for the entire business. Edcon – Third time lucky? (Mar 30)
How much is the UIF owed by Edcon?
The UIF is owed R888.8 million, thanks to instruments that allow it a conditional claim under business rescue (and/or liquidation). It invested a total of R1.2 billion into the group as part of a R2.7 billion recapitalisation in March last year.
Why is Edcon on the brink of collapse?
Edcon, which owns Edgars, is now on its third restructuring. In a desperate bid to stave off liquidation and the loss of up to 140,000 jobs, retail giant Edcon has held out the begging bowl, asking its landlords for a two-year 41% “rent holiday” in exchange for a 5% stake in the business.
