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Edcon, until recently SA’s largest clothing retailer, is filing for business rescue to allow it to continue trading

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Gugu Mfuphi talks to Sinesipho Maninjwa, Ca And Independent Analyst about Edcon, until recently SA’s largest clothing retailer, is filing for business rescue to allow it to continue trading. Typically, putting a company into business rescue allows it to continue trading while its affairs are restructed to avoid liquidation. A moratorium is placed on payments to creditors, giving the company breathing space while a rescue plan is worked out. Edcon will become the second high-profile SA business to be placed in business rescue in recent months, following SAA, which took this route at the end of 2019 after racking up huge debts.
28 Apr 2020 9AM English South Africa Business News · Investing

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