Edcon working to fix financial woes
Edcon has confirmed that it is in
discussion with various stakeholders to try and
resolve the group's continued financial problems.
It was reported on Sunday that the retail giant warned that over 100,000 jobs are on the line.
Edcon owns Edgars, Jet and CNA.
"Edcon's balance sheet recovery programme has been underway for some time as we continue to focus on completing a recapitalisation of Edcon. Part of the process is the continuing discussions with various stakeholders: which include lenders, landlords, potential new investors, and others, as we explore and discuss various options," says Edcon CEO Grant Pattison.
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Pattison says significant progress has been made, with all stakeholders indicating their support and strong commitment to the process.
"No further commentary can be added at this stage.”
Meanwhile, the Southern African Clothing and Textile Workers Union (Sactwu) has expressed deep concern over Edcon’s financial crisis and the possibility that it could cost thousands of jobs.
The union’s general-secretary Andre Kriel says they have thousands of members who are directly employed the company.
"So for us it is an extremely serious matter. Many of those workers work in some of the poorest part of the country. Each of our members support about 5 other immediate family members and we will urge Edcon to avoid the crisis which seems to be looming at this moment.”
He adds he is aware that attempts are being made to resolve the matter.
"We're keeping quite a careful eye on it and we will obviously from our side will see what can do to help," Kriel says.
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