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Edcon may be too big to fail, but does that justify a state bailout?It's one of the oldest and biggest retail groups in SA, accounting for a tenth of the country's shopping mall occupancy, but as it is now saddled with debt, is a government bailout justfied? No! That’s Crony Capitalism! In a free market, those who lack the ability to perform deserve to fail. Clear out the bad ideas, and let efficiencies and good ideas thrive. Bailing out bad practices and ideas just perpetuates this trend. No lesson learned. Landlords, shareholders, banks should do bail out if any to be done, they will take the hit if it folds, Edcon should be presenting to these stakeholders re debt holidays, haircuts, debt to equity conv. If they can't do it, gotta fold. This bailout shit must come to an end! It waste of time to bailout Edcon or any other!
Source: BDliveSA - 🏆 12. / 63 Read more »
ANALYSIS: Is Edcon too big to fail?Edcon has 30 000 employees, a supply chain that includes 750 companies and floor space that accounts for a 10th of the occupancy in the country’s biggest shopping malls, the most of any company. Fin24 Let me know before I pay my account this month Fin24 It's not a bank..... Employees will find other jobs (eventually) and Maybe more relevant and business savvy companies will see how to fill the gaps left, if they go under.... the lesson of Edcon like stutterfords etc is that we too easily believe that overseas (cont)
Source: News24 - 🏆 4. / 80 Read more »
Saving Edcon is about saving jobs, says CEO“I am here, really, to preserve as many of the jobs as possible” — Edcon group CEO Grant Pattison on saving the owner of Jet, Edgars and CNA. Your and your predecessors poor management decisions brought Edcon to its knees. Now you want tax payers savings to bail you out. Let it fail, markets will correct itself. Why does EFF not buy Edcon ? Will save jobs and rid us of some White Monopoly Capital at the same time? Or BLF - and then kill the white staff, and their dogs? Edcon accounts for +/-10% of shopping mall space according to SAPOA_SA -the risk of yields on SA REITs with shopping mall exposure dropping by at least ten percent is very real. I think Edcons timing re: approach to the PIC couldn't have been worse -doubt they will coughup R3bn
Source: mailandguardian - 🏆 2. / 92 Read more »
Edcon makes headway in securing R3bn in funds to keep it goingThe PIC, Africa’s biggest money manager, may provide R1.8bn to assist the company, people familiar with the matter said last week Let's hope this R1bn is not going to another hole and will never come back. May be it is time this Edcon ship is allowed to sink unfortunately........
Source: BDliveSA - 🏆 12. / 63 Read more »
Edcon: Experts split on PIC lifeline🔒 As Edcon, the owner of Jet, Edgars and CNA, fights to keep its doors open, it appears that it is the Public Investment Corporation, with its access to a R2-trillion war chest, that might make or break yet another embattled company. Mxm tolo nyelwa Never throw good money after bad money Edcon BailOut with what aim in mind? If retail sector is flat how will Edcon generate sufficient revenue to finance WorkingCapital and repay our Pensions? They haven't been able to do it to date, what will enable them to do it tomorrow? CoruscaKhaya Must be economists. Always have a “on the one hand” bizarre arguments. This thing has been holding on by a thread for more than a decade. Poor decision after another. Pull the plug already!
Source: mailandguardian - 🏆 2. / 92 Read more »
Edcon nears R3bn fundingThe Public Investment Corporation (PIC) continues ongoing talks, as the retail giant has been struggling to restructure its business. Thank God. Good Great.
Source: eNCA - 🏆 49. / 51 Read more »
Edcon: Experts split on PIC lifeline🔒 As Edcon, the owner of Jet, Edgars and CNA, fights to keep its doors open, it appears that it is the Public Investment Corporation, with its access to a R2-trillion war chest, that might make or break yet another embattled company. Mxm tolo nyelwa Never throw good money after bad money Edcon BailOut with what aim in mind? If retail sector is flat how will Edcon generate sufficient revenue to finance WorkingCapital and repay our Pensions? They haven't been able to do it to date, what will enable them to do it tomorrow? CoruscaKhaya Must be economists. Always have a “on the one hand” bizarre arguments. This thing has been holding on by a thread for more than a decade. Poor decision after another. Pull the plug already!
Source: mailandguardian - 🏆 2. / 92 Read more »
ANALYSIS: Is Edcon too big to fail?Edcon has 30 000 employees, a supply chain that includes 750 companies and floor space that accounts for a 10th of the occupancy in the country’s biggest shopping malls, the most of any company. Fin24 Let me know before I pay my account this month Fin24 It's not a bank..... Employees will find other jobs (eventually) and Maybe more relevant and business savvy companies will see how to fill the gaps left, if they go under.... the lesson of Edcon like stutterfords etc is that we too easily believe that overseas (cont)
Source: News24 - 🏆 4. / 80 Read more »
Saving Edcon is about saving jobs, says CEO“I am here, really, to preserve as many of the jobs as possible” — Edcon group CEO Grant Pattison on saving the owner of Jet, Edgars and CNA. Your and your predecessors poor management decisions brought Edcon to its knees. Now you want tax payers savings to bail you out. Let it fail, markets will correct itself. Why does EFF not buy Edcon ? Will save jobs and rid us of some White Monopoly Capital at the same time? Or BLF - and then kill the white staff, and their dogs? Edcon accounts for +/-10% of shopping mall space according to SAPOA_SA -the risk of yields on SA REITs with shopping mall exposure dropping by at least ten percent is very real. I think Edcons timing re: approach to the PIC couldn't have been worse -doubt they will coughup R3bn
Source: mailandguardian - 🏆 2. / 92 Read more »