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RCS has been given the go-ahead by the Competition Tribunal to acquire Edcon's book debt.
The Competition Tribunal has approved a merger which will see Edcon selling the Edgars Active and High Key chain stores to Footgear, in which Old Mutual has a majority stake.
Old Mutual's private equity arm is backing a plan by Footgear to buy a unit of Edcon in southern Africa to create one of the region’s largest sports and casual wear businesses.
Ousted PIC chief Dan Matjila is expected to say his opposition to funding the rescue of clothing retailer Edcon ahead of national elections was one of the reasons he was dismissed.
The Public Investment Corporation said its decision to invest in retailer Edcon is based on sound commercial, social and governance principles.
The Constitutional Court has dismissed an appeal by 1 818 retrenched employees of retailer Edcon.
Edcon has raised R2.7bn from lenders, landlords and the Public Investment Corp as the clothing retailer wraps up its latest restructuring plan.
The Public Investment Corp, Africa’s largest fund manager, may provide R1.8bn to assist the company, says the people, who asked not to be identified as the information isn’t yet public.
Saftu is supporting unions in preparation for a national shutdown in March next year, as well as a radical workers party which will contest power at the elections.
Edcon group CEO Grant Pattison said these discussions are in the final stages of resolution and "significant progress is being made, with all stakeholders indicating their support and strong commitment to the process".
Struggling retailer Edcon has shut the doors of one its underperforming Edgars stores in Rosebank Mall as a cost cutting measure.
The Competition Commission has given the nod to Footgear's proposed purchase of Edcon's Edgars Active and High Key chain stores, saying it recommends the Competition Tribunal should approve the deal without conditions.
Ex-PIC head Dan Matjila has said part of the reason he was removed was so that a deal to save Edcon could be finalised before the national elections.
The former head of the PIC says he was removed from his job so politically connected people could influence the fund's investment decisions.
Labour union federation Cosatu signaled a "massive fight" with the ANC if state-owned fund manager the Public Investment Corporation failed to rescue the country’s second-largest clothing retailer, Edcon Holdings.
The Competition Tribunal has approved, subject to certain conditions, the state-owned IDC's acquisition of Celrose - of which Edcon is a majority shareholder.
The recapitalisation process of the country’s largest clothing retailer, Edcon, is moving forward at a normal pace, says CEO Grant Pattison.
The restructuring and recapitalisation of Edcon, which includes Edgars, Jet and CNA, has passed its next hurdle, says CEO Grant Pattison.
Edgars lost its golden thread and it's going to need a Midas touch to bring it back, says Ferial Haffajee.
The Sunday Times reported that the major retailer will close stores if an offer to landlords is rejected, which could wipe out 140,000 jobs in total.
Cape Town Northern SuburbsWest Coast PersonnelR20 000.00 - R25 000.00 Per Month
Western CapeCelsa Properties
Western CapeMass Staffing ProjectsR55 000.00 - R75 000.00 Per Month
R 3 395 000
R 6 999 000
R 3 900 000
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