Retailer is on the verge of collapse, but CEO Grant Pattison vows to fight on
26 March 2020 - 20:50The coronavirus outbreak in SA may be about to claim its biggest corporate victim with clothing retailer Edcon facing sales losses of at least R1.2bn, putting it on the verge of collapse.
CEO Grant Pattison told suppliers in a conference call on Thursday it could not pay them after the group lost 45% of income in the two weeks before the lockdown and it only had enough cash to pay salaries after its flagship Edgars chain and discounter Jet lost R400m in sales since March 15.
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