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Edgars refutes liquidation reports

The Sunday Times is reporting that the owners of Edgars have warned that over 100,000 jobs are therefore on the line.

JOHANNESBURG – Retail giant Edcon and owner of Edgars has refuted reports that its facing liquidation.

The Sunday Times is reporting that the owners of Edgars have warned that over 100,000 jobs are therefore on the line.

Instead, it says its happy to announce that it’s close to completing a deal which will see it recapitalised for the next few years.

Edcon says it’s all its shareholders, landlords and suppliers have come together in working towards saving the company.

CEO of Edcon Grant Pattison says while leaks happen the article on the front page of the paper is misleading and sensational.

Pattison says while the company has been in financial trouble for a long time, it’s already on track in closing a deal that will save the company.

“It’s a deal which will see us capitalise for the next two years and all of our stakeholders, shareholders, landlords, suppliers have come to the party.”

Pattison says the deal has not been signed yet but the future of Edcon will be debt free.

“And then implemented sometime in the first three months of next year.”

He says there will be no net job loses but there will be fewer stores.

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