Edcon to sell chunks of Edgars to rival owner of Legit, Beaver Canoe and Style
“It [Edcon business rescue process] is about as elegant as it can be under the circumstances.”Bruce Whitfield, The Money Show
Edcon is selling parts of Edgars to Retailability, owner of Legit, Beaver Canoe and Style.
Retailability has 460 shops in South Africa, Namibia, Botswana, Lesotho and eSwatini.
Edcon announced going into business rescue in April.
Its business rescue practitioners concluded last month that an “accelerated sale” of some of its brands remains the only way for it to stay alive.
The Money Show’s Bruce Whitfield interviewed Grant Pattison, CEO at Edcon.
They understand the way Edcon works and how to extract part of an asset out of it… They want to buy the profitable bits of Edgars – some stores make a profit; others make a loss…Grant Pattison, CEO - Edcon
There are four parties interested in Jet… It would be a significant achievement to save most stores and jobs… Edgars and Jet are good businesses that needed restructuring…Grant Pattison, CEO - Edcon
I’ve remained on as a Director… to provide continuity... I’m also an advisor to the business rescue practitioners who are in complete control.Grant Pattison, CEO - Edcon
Listen to the interview in the audio below.
Local brands have increased not only market share, but also the unit costs, by way more than the average 250%, says Reep survey.Read More
Dr Saadiq Kariem, Chief DG, says hospitals in the Western Cape can cope with Covid-19 as well as non-Covid trauma cases.Read More
It’s possible that all the games will take place in Nelspruit, says IOL sports editor John Goliath.Read More
"Covid-19 is going to be with us for years. On balance, it’s better for kids to be in school," says Prof Mignon McCulloch.Read More
Health Minister Zweli Mkhize has warned of a second wave of Covid-19 if South Africans don't change their behaviour.Read More
"It’s not rational to allow packed taxis, but not a glass of wine in a controlled environment," says Francois Rossouw.Read More
The rise in infections coupled with misinformation about how the disease spreads, means some people are being harassed at work.Read More
The industry has been hard hit by the Covid-19 pandemic lockdown and it does not look like the end is in sight anytime soon.Read More
DA Finance Shadow Minister Geordin Hill-Lewis says both the DA and Cosatu warned govt as early as May that graft was inevitable.Read More
"If allowed to trade, we can’t be on the edge of our seats every time that the President is about to speak," pleads Kurt Moore.Read More
The bank is one of only six in the world to be recognised in this way for outstanding performance during the global health crisis.Read More
The Money Show’s Bruce Whitfield interviews Velma Corcoran, Country Manager at Airbnb South Africa.Read More
It still argues that the lockdown, not the pandemic, is responsible for its clients’ losses. Bruce Whitfield interviews its CEO.Read More
Bruce Whitfield interviews reps from the Liquor Brandowners Association, Norman Goodfellows and National Liquor Traders Council.Read More
It’s game time, Mzansi, says legend-of-legends John Kani. Arabile Gumede interviews advertising expert Andy Rice.Read More
The economy is shedding jobs – but not in agriculture, says Roux Wildenboer, Head of Agriculture at Absa.Read More
Bruce Whitfield interviews reps from the Restaurant Association Of SA, Business Unity SA and the National Liquor Traders Council.Read More
The lockdown did it – not the pandemic – so we can’t pay, argues Santam. Bruce Whitfield interviews Tracey Davies of Just Share.Read More
The Money Show’s Bruce Whitfield interviews Kevin Lings, Chief Economist at Stanlib Asset Management.Read More
"We’ve done all of the back-end work. There are one or two locations where it will make sense," says CEO Ryan Williams.Read More