🔒 Edcon chief executive Grant Pattison and his team achieved what many critics doubted they could — secure an almost R3-billion lifeline for a retail company that is deep in the doldrums. But that, analysts argue, may have been the easy part.
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A TOTAL RESET: Back to basics, says CEO Pattison after Edcon rescue coupEdcon CEO Grant Pattison has pulled off a remarkable coup, saving SA’s largest clothing retailer from imminent extinction and 27,000 jobs in the process. But enormous scepticism remains because the complex deal he has struck with 30 banks, 30 property companies and the Unemployment Insurance Fund means he has only a few years to turn the business around. How will he do that? Turns out, with quite a lot of retail 101.
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Edcon gets lifeline from the public, landlords and lendersGroundbreaking R2.7bn deal will see the PIC, through the UIF, landlords and existing secured lenders rescue the retail giant.
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Edcon narrowly avoids jobs massacreExperts warn that Edcon's woes may soon trickle down to the rest of the retail industry as online shopping gains traction.
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Edcon narrowly avoids jobs massacreExperts warn that Edcon's woes may soon trickle down to the rest of the retail industry as online shopping gains traction.
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Edcon CEO says focus is now on fixing the businessCEO Grant Pattison says with R2.7bn deal in place it can now move on and seek to improve its competitiveness
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ANC welcomes deal expected to save jobs at Edcon'We in the Western Cape know from bitter experience how devastating job losses in the clothing industry can be,' says a secretary.
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ANC welcomes deal expected to save jobs at Edcon | IOL NewsThe ANC said it was relieved that thousands of direct and indirect jobs had been saved after financially troubled Edcon reached a deal with creditors.
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EDITORIAL: Edcon has its work cut out after bailoutThousands of jobs will be saved, but major structural challenges remain
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