The Money Show's Bruce Whitfield breaks down after Edcon chief begins to cry
Edcon CEO Grant Pattison on a conference call to suppliers this morning broke down, telling them Edcon only has sufficient liquidity to pay salaries but is "unable to honour any other accounts during this period".
Pattison said when the country goes into lockdown, Edcon will be about R400m below predicted sales and cash for the month.
He said Edcon is prioritising paying salaries to staff.
He did tell suppliers that they would next week turn their attention to building a re-opening plan.
"We will be heavily dependent on business support packages offered by government and other agencies and funders.
"Management will continue to look at all options – and there may be some really tough recommendations to be made to the board after the lock-down period, including having to consider Business Rescue.''
Towards the end of the call, Pattison begins to sob.
The Money's Show's bruce Whitfield called the call the most difficult thing a company chief can ever do, and also broke down after the audio clip, having to go off air for a brief moment.
Listen to the entire emotional sound clip below.
The Money Show's Bruce Whitfield also broke down and had to take a minute off air.
"That's how serious this is...
"Edcon is the first..."
Listen below to Bruce's emotional and moving reaction to Grant Pattison's sad news:
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.
This article first appeared on 702 : The Money Show's Bruce Whitfield breaks down after Edcon chief begins to cry
Consumer journalist Wendy Knowler investigates which companies are meeting their customers’ needs on social media.Read More
Theatres across the world have gone dark, but you can still support and watch the arts while at homeRead More
Bruce Whitfield interviews Richard Friedland, CEO at Netcare – owner of the hospital at the epicentre of KZN’s Covid-19 outbreak.Read More
Tiger Brands CEO Noel Doyle assures South Africans that there are sufficient supplies of most of the company's products.Read More
Certified financial planner Kobus Kühn has compared what various companies, long-term insurers, and medical schemes are offering.Read More
Bruce Whitfield and comedian John Vlismas share a few Covid-19 jokes and discuss the launch of the virtual comedy club.Read More
SA Tourism is hosting webinars open to everyone interested in reshaping and reinventing tourism post lockdown.Read More
The Reserve Bank has released recent directives to bring debt relief to the banking sector explains Reserve Bank's Unathi Kamlana.Read More
The Money Show’s Bruce Whitifield interviews EOH CEO Stephen Van Coller.Read More
“There can be up to 100% off the rental in April and potentially even in May,” says Estienne de Klerk (Property Industry Group).Read More