The board of South Africa’s largest clothing retailer, Edcon has approved the company’s restructuring and recapitalisation plan.
Edcon CEO, Grant Pattison, says Edcon lenders have also extended payback periods based on the new plan.
Edcon – which owns CNA, Edgars and Jet – was on the brink of collapse and had warned of possibly shedding 40 000 direct and 100 000 indirect jobs.
The retailer was also seeking R2 billion in emergency funding from its owners and the state-owned Public Investment Corporation.
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