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Edcon says it has buyers interested in its assets

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The embattled retail group says it has had various offers for its divisions, and its survival depends on these sales

Shoppers walk past an Edgars store at a shopping centre in Soweto, Johannesburg. Picture: REUTERS / SIPHIWE SIBEKO

Edcon was placed into business rescue in April despite a R2.7bn bailout by the Public Investment Corporation, landlords and creditors in December 2018. Employees, creditor landlords and other parties need to approve the plan by June 15 in compliance with the companies act​. It says if the business is not bought, it will be liquidated with no interest from funders to further invest money into it.

 

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Selling the country to the Chinese ...I suppose or Chinese hiding behind black faces.When is government going to step up...like Botswana banning foreigners from owning certain catogories of businesses. Reserving industrial/manufacturing licences for citizens.

I bet they do, chinese need more outlets

If only Bain Capital had structured this differently

Bain Capital was right, their gearing killed this LBO almost a decade ago...

The key question is how much are those buyers willing to pay?

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