SACTWU concerned about Edcon’s financial woes

Southern African Clothing and Textile Workers Union (SACTWU) has expressed concern about Edcon’s financial woes.

Edcon, which owns CNA, Edgars, Jet, is seeking R 2 billion in emergency funding from its owners and the state-owned Public Investment Corporation.

CEO Grant Pattison has said they’re hoping for a deal before Christmas.

Around 40 000 direct and 100 000 indirect jobs may be shed if the retailer collapses.

Sactwu’s National Industrial Policy Officer, Etienne Vlok, says they’re hoping Edcon will survive and all the jobs will be retained.

“We are optimistic that a deal may be concluded… we’ve been briefed about the developments and we hope that any possible liquidation of closure of Edcon may be averted. We are very concerned about this. Our members in the factories, in the clothing factories employed by Edcon – and there’s also supply product – so we would be extremely concerned should the company close,” says Vlok.

Vlok says it’s crucial that the deal be concluded as soon as possible because their members need to have some stability.

“Firstly it needs to be concluded before one can share anything about it. We understand we are at a stage where we hope it won’t take long to be concluded. For us it’s important that it be done as quickly as possible… for several years now our members have been uncertain about their jobs,” says Vlok.

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