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'It wasn’t inevitable. We were looking forward to a good winter'

29 April 2020 6:28 PM
Tags:
The Money Show
Bruce Whitfield
Business rescue
Edgars
Edcon
Grant Pattison
Edcon Group
Jet
UIF
Coronavirus
Lockdown
COVID-19
coronavirus in South Africa
State of National Disaster
covid-19 in south africa
UIF COVID-19 TERS

The Money Show’s Bruce Whitfield interviews Edcon CEO Grant Pattison after he announced he’s filing for business rescue.

Edcon – the owner of Edgars and Jet – will file for voluntary business rescue, the company announced on Wednesday.

FILE: An Edgars store. Picture: EWN.

The company lost R2 billion in sales since President Cyril Ramaphosa declared a state of national disaster in mid-March.

Edcon is unable to pay its suppliers for both the March and April month-ends. Paying April salaries will require assistance from the UIF COVID-19 TERS program.

Edcon statement

Edcon anticipates that the sales will be depressed for some time during the ‘COVID-19 Risk-Adjusted Strategy’ phase, which may last several months.

Edcon statement

Edcon’s stores will reopen on 1 May, operating under “business rescue”.

We’ve been unable to raise the funds needed to pay the creditors for the March and April month-ends.

Grant Pattison, CEO - Edcon

The Money Show’s Bruce Whitfield interviewed Pattison.

It wasn’t inevitable… We were looking forward to a good winter…

Grant Pattison, CEO - Edcon

We presented our [turnaround] plan to the board and shareholders… We didn’t get a 'yes'…

Grant Pattison, CEO - Edcon

We’re in a holding phase at the moment… We’ll open normally on Friday…

Grant Pattison, CEO - Edcon

We have to consider splitting up the different businesses, to be owned by different people… It is their [business rescue practitioners] call… I think the brands ‘Edgars’ and ‘Jet’ will be trading at Christmas this year.

Grant Pattison, CEO - Edcon

Listen to the interview in the audio below.


29 April 2020 6:28 PM
Tags:
The Money Show
Bruce Whitfield
Business rescue
Edgars
Edcon
Grant Pattison
Edcon Group
Jet
UIF
Coronavirus
Lockdown
COVID-19
coronavirus in South Africa
State of National Disaster
covid-19 in south africa
UIF COVID-19 TERS

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