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…
The Foschini Group says it has concluded a sale agreement with Edcon for some of the stores and assets of Jet. The Foschini Group (TFG) has reached an agreement with Edcon's business rescue practitioners to buy some of its subsidiary Jet's assets. The fashion retailer first announced over a month ago that it had made…
The Foschini Group says it is looking at a new rights offer. Less than a month ago, TFG's CEO Anthony Thunström told shareholders that the group was not interested in any part of Edcon. But it has now been announced that TFG made a R480 million offer to buy JET stores. Analysts have described the move as…
An Edgars store in Johannesburg in March, 2020. 22 000 jobs are at stake if the rescue plan for Edcon does not work.Business rescue practitioners propose backdating and raising their fees from R1 750 to R4 500 per hour.SACTWU supports the rescue plan but says fees should have been clarified upfront.Fees charged by liquidators and…
Creditors of Edcon were deliberating into the night on Monday on whether to accept, review or reject a business rescue plan proposed for the retailer.A spokesperson for Edcon informed Fin24 that an update could be expected on Tuesday.Earlier on Monday, two concurrent creditors of Edcon lost an urgent application in the High Court in Pretoria…
Kataza the baboon. Facebook / Baboon Matters The City of Cape Town has asked the public not to feed a baboon that has relocated to Tokai. The baboon, known as Kataza or SK11, is slowly being integrated into the Tokai troop. Video footage, however, shows humans feeding Kataza. The City of Cape Town has requested that Kataza…
As SA Rugby moves to determine which franchises will go to Europe in future, Rassie Erasmus has noted several potential benefits for the local game should that route be followed.The national director of rugby believes the high world rankings of Wales, Ireland and Scotland mean PRO Rugby is competitive and that fans will eventually identify…
(John Finney Photography/Moment/Getty Images) An abnormally bad season of weather may have had a significant impact on the death toll from both World War I and the 1918 Spanish flu pandemic, according to new research, with many more lives being lost due to torrential rain and plummeting temperatures. Through a detailed analysis of an ice…