Edcon saves over 5 000 jobs as it wraps up sale of parts of Edgars

All approvals from regulatory authorities and all conditions have either been fulfilled or waived.
All approvals from regulatory authorities and all conditions have either been fulfilled or waived.
  • The sale of parts of the Edgars' business in South Africa to Retailability has been implemented, according to the business rescue practitioners of Edcon.
  • In the process approximately 5 200 jobs will be saved.
  • The sale includes the transfer of approximately 120 stores in South Africa, together with the businesses conducted within these stores.


The sale of parts of the Edgars business in South Africa to Retailability,  a critical milestone in the Edcon business rescue plan, has been implemented, according to the business rescue practitioners of Edcon.

In the process, approximately 5 200 jobs will be saved, the BRPs said.

All approvals from regulatory authorities and all conditions have either been fulfilled or waived.

According to a statement, the sale includes the transfer of approximately 120 stores in South Africa together with the businesses conducted therein.

Retailability, a fashion retailer and a holding company of store brands including Legit, Beaver Canoe and Style, operates in over 460 stores across South Africa, Namibia, Botswana, Lesotho, and eSwatini.

"Retailability aims to ensure that ongoing operational business is its top priority, while integration work is moving ahead vigorously," the rescue practitioners say in the statement. "We are pleased that we were able to close the transaction within two months after the announcement."

In their view, the closure of the transaction underlines the "industry fit" and the strong compatibility between Edgars and Retailability.

"The parties will continue to co-operate and work towards concluding the sale of Edgars' businesses in Botswana, eSwatini, Lesotho and Namibia where various regulatory approvals and conditions remain outstanding."

ZAR/USD
16.33
(-0.06)
ZAR/GBP
21.08
(-0.04)
ZAR/EUR
19.33
(-0.03)
ZAR/AUD
11.90
(-0.03)
ZAR/JPY
0.16
(-1.15)
Gold
1949.72
(+0.03)
Silver
26.74
(+0.09)
Platinum
928.80
(+0.44)
Brent Crude
43.52
(-0.32)
Palladium
2356.01
(+0.63)
All Share
54673.65
(-0.66)
Top 40
50399.16
(-0.59)
Financial 15
9841.32
(-2.14)
Industrial 25
72558.00
(-1.08)
Resource 10
55438.10
(+0.58)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1302 votes
It depends on how the funds are used.
73% - 8628 votes
No. We should have gotten the loan elsewhere.
16% - 1901 votes
Vote