tection in April.
About 15 parties have shown interest in the sale, with the selection of the offer expected in early July. Edcon entered business rescue after sales were hit by the COVID-19 pandemic.“We will now proceed with implementing the adopted Business Rescue Plan, keeping all stakeholders updated as the plan progresses,” the business rescue practitioners, Piers Marsden and Lance Schapiro of Matuson Associates, said.
The administrators have already served retrenchment notices to 22,000 workers of Edcon, which employs 17,292 permanent employees and about 5,000 seasonal casual workers. Earlier on Monday, an application brought by a group of Edcon creditors to stop the adoption of the proposed restructuring plan was rejected by a court as non-admissible, according to the administrators.
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