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…
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