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Edcon rescue just had to happen, says CEO Grant PattisonThe R2.7bn recapitalisation is probably the last roll of the dice for the retailer which was on the verge of collapse, writes Giulietta Talevi
Source: BDliveSA - 🏆 12. / 63 Read more »
A TOTAL RESET: Back to basics, says CEO Pattison after Edcon rescue coupEdcon CEO Grant Pattison has pulled off a remarkable coup, saving SA’s largest clothing retailer from imminent extinction and 27,000 jobs in the process. But enormous scepticism remains because the complex deal he has struck with 30 banks, 30 property companies and the Unemployment Insurance Fund means he has only a few years to turn the business around. How will he do that? Turns out, with quite a lot of retail 101.
Source: dailymaverick - 🏆 3. / 84 Read more »
Edcon gets lifeline from the public, landlords and lendersGroundbreaking R2.7bn deal will see the PIC, through the UIF, landlords and existing secured lenders rescue the retail giant. Dear journalist, does Edcon have a turnaround strategy?
Source: TheCitizen_News - 🏆 6. / 75 Read more »
Coalition of unwilling could be win-win for Edcon and landlordsEdcon's admission it has too few staff in some stores is hopefully recognition that it needs to give as much attention to those who work its shop floors as it does the balance sheet
Source: BDliveSA - 🏆 12. / 63 Read more »
Edcon narrowly avoids jobs massacreExperts warn that Edcon's woes may soon trickle down to the rest of the retail industry as online shopping gains traction. They are in denial of the obvious. They are prolonging the inevitable,as long as the Chinese dominates the industry with cheap fake products. They are DOOMED. God have mercy.
Source: eNCA - 🏆 49. / 51 Read more »
Edcon narrowly avoids jobs massacreExperts warn that Edcon's woes may soon trickle down to the rest of the retail industry as online shopping gains traction. For now
Source: eNCA - 🏆 49. / 51 Read more »
Edcon CEO says focus is now on fixing the businessCEO Grant Pattison says with R2.7bn deal in place it can now move on and seek to improve its competitiveness He and his team definitely earned the big bucks on this one. Give it 24 months and it will be in exactly the same position again Get rid of the rude staff at most Edgars stores. EdgarsHelp
Source: BDliveSA - 🏆 12. / 63 Read more »
ANC welcomes deal expected to save jobs at Edcon'We in the Western Cape know from bitter experience how devastating job losses in the clothing industry can be,' says a secretary.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
ANC welcomes deal expected to save jobs at Edcon | IOL NewsThe ANC said it was relieved that thousands of direct and indirect jobs had been saved after financially troubled Edcon reached a deal with creditors.
Source: IOL - 🏆 46. / 51 Read more »
EDITORIAL: Edcon has its work cut out after bailoutThousands of jobs will be saved, but major structural challenges remain Similar amount could not be put in to save VBS..
Source: BDliveSA - 🏆 12. / 63 Read more »