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.