The company, which received a R2.7bn cash injection from a group investors led by the Public Investment Corporation, has run out of money
Edcon faced closure in December 2018, but a plan negotiated by labour, business and banks enabled it to secure a bailout that included money from the Unemployment Insurance Fund , under the auspices of the PIC. As part of the plan, landlords also reduced rent in exchange for equity in the business.
Edcon's demise underscore a wave of distress sweeping across corporate SA after government rolled out restrictions that shut down 80% of the economy to contain Covid-19.SA Express tumbled into provision liquidation on Tuesday while restaurant chains such Cal ‘Cacchio scrambled for cash with retrenchments. A recent survey by Wills Towers Watson, one of the world’s biggest insurance brokerage and advisory houses, found three quarters of businesses in SA are trawling the coffers for cash.
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