• #111 (no title)
  • About Us
  • Contact Us
  • COVID-19 Coronavirus Global Data
  • Home 3
  • Job Dashboard
  • Jobs
  • Log In
  • Post a Job
  • Privacy Policy
  • Privacy Policy
  • Reset Password
  • Sign Up
  • Tenders
  • test
Sunday, October 1, 2023
Independent News
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf
No Result
View All Result
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf
No Result
View All Result
Independent News
No Result
View All Result
Home Business

Edcon enters business rescue

Sifiso Sibandze by Sifiso Sibandze
April 29, 2020
in Business, Businesses
2 min read
0
Edcon enters business rescue

Mbabane: The bell may be tolling for Africa’s biggest non-food retailer after Edcon announced that it has started with voluntary business rescue proceedings after losing E2 billion in turnover during SA’s lockdown, it said in a letter to suppliers on Wednesday.

According to South African online publication, Business Day, the group said it is unable to meet its financial obligations, and is also expecting “muted demand” once SA’s lockdown ends.

The retailer’s already-fragile state has been exacerbated by the coronavirus.

Business Day reported that the letter states the business rescue proceedings place a moratorium on all legal and enforcement actions against the company.

It said it could still resume operations and open Edgars and Jet stores in “business rescue mode” on May 1 in line with the lockdown regulations.

Business Day went on to say the letter said the E2.7 billion rescue funding from the Public Investment Corporation (PIC) and landlords had been used to meet debt and pay bills up until March 2020.

It is still owed E230 million in business rescue funding not yet paid. The letter does not specify who owes it.

Edcon said it was on track to meet bailout targets in December 2019, before the coronavirus lockdown was implemented, adding that it has no cash to pay suppliers as sales dropped by 40 percent when social-distancing was encouraged from mid-March. It used its last cash for salaries.

The company has faced multiple bailouts after Bain Capital borrowed billions of rand in foreign currency to take the listed firm private and the debt burden became to big for Edcon.

Edcon has a footprint in Eswatini and stores under its wing are Edgars, Legit, Edgars Active and Jet Stores. However, the Business Day report didn’t touch the group’s operations outside South Africa.

Share9Tweet6Share2
ADVERTISEMENT
Previous Post

CLARIFICATION: Govt registering emaSwati to be repatriated from SA

Next Post

“I soldier on despite COVID-19 challenges”- Health Minister

Sifiso Sibandze

Sifiso Sibandze

Related Posts

Dlomo donates E20k sneakers to Ngcoseni netball team
Local Sports

Dlomo donates E20k sneakers to Ngcoseni netball team

September 28, 2023
‘Landers vs ‘Birds’ in MoMo Cup
Local Sports

‘Landers vs ‘Birds’ in MoMo Cup

September 20, 2023
Eswatini to commit E30 billion for SDGs
Community News

Eswatini to commit E30 billion for SDGs

September 20, 2023
Next Post
16 new confirmed COVID-19 cases in one day, number stands at 56

“I soldier on despite COVID-19 challenges”- Health Minister

Discussion about this post

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Sitsebe off to a flying COSAFA Cup start

Sitsebe off to a flying COSAFA Cup start

November 3, 2020
Neal’s E24.04bn Budget give no hope for EmaSwati

Eswatini rolling back the state – Minister Neal

April 7, 2021
Sjava parts ways with Ambitiouz Entertainment

Sjava parts ways with Ambitiouz Entertainment

May 29, 2020
WhatsApp’s new privacy policy delayed until May 15

WhatsApp’s new privacy policy delayed until May 15

January 18, 2021
Dlomo donates E20k sneakers to Ngcoseni netball team

Dlomo donates E20k sneakers to Ngcoseni netball team

September 28, 2023
‘Landers vs ‘Birds’ in MoMo Cup

‘Landers vs ‘Birds’ in MoMo Cup

September 20, 2023
Eswatini to commit E30 billion for SDGs

Eswatini to commit E30 billion for SDGs

September 20, 2023
Free entry in Sitsebe, Burkina Faso clash

Free entry in Sitsebe, Burkina Faso clash

September 20, 2023
ADVERTISEMENT

PressReleases

Inside Ecsponent: How E340m was squandered
Press Releases

ESCPONENT SAGA: Dave Van Niekerk warns MHMK Group on concerted effort to defame him

August 28, 2023

It has come to my attention that there is a concerted effort to malign, discredit and defame my name by...

Read more
Jehovah’s Witnesses ‘pursuing peace’ amid rising global tensions

Jehovah’s Witnesses ‘pursuing peace’ amid rising global tensions

August 10, 2022
New Scenarios on Global Food Security based on Russia-Ukraine Conflict

New Scenarios on Global Food Security based on Russia-Ukraine Conflict

March 21, 2022
MTN donates US$25 million to the African Union’s COVID-19 vaccination programme

AFRICA BRAND AWARDS: MTN named most helpful private sector brand during the pandemic

May 28, 2021

Stay Connected test

  • 13.6k Fans
  • 5.1k Subscribers

Recent News

Dlomo donates E20k sneakers to Ngcoseni netball team

Dlomo donates E20k sneakers to Ngcoseni netball team

September 28, 2023
‘Landers vs ‘Birds’ in MoMo Cup

‘Landers vs ‘Birds’ in MoMo Cup

September 20, 2023
Eswatini to commit E30 billion for SDGs

Eswatini to commit E30 billion for SDGs

September 20, 2023
Free entry in Sitsebe, Burkina Faso clash

Free entry in Sitsebe, Burkina Faso clash

September 20, 2023


ADVERTISEMENT
Independent News

Independent News Eswatini is a registered private media house in Eswatini established in 2007 and is based in Mbabane. We are the fastest growing weekly news publication in Eswatini that seeks to publish, investigative stories that give insight and play the watchdog media role in government politics, uncovering corruption, giving business insights, technology and economic outlook in Eswatini.

Follow Us

Browse by Category

Recent News

Dlomo donates E20k sneakers to Ngcoseni netball team

Dlomo donates E20k sneakers to Ngcoseni netball team

September 28, 2023
‘Landers vs ‘Birds’ in MoMo Cup

‘Landers vs ‘Birds’ in MoMo Cup

September 20, 2023
Eswatini to commit E30 billion for SDGs

Eswatini to commit E30 billion for SDGs

September 20, 2023
  • About Us
  • Advertise
  • Privacy Policy
  • Contact Us

© 2020 Independent News - All Rights Reserved

No Result
View All Result
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf

© 2020 Independent News - All Rights Reserved

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In