Edcon (owner of Edgars, Jet and CNA) to close a third of its stores

Edgars store. Picture: EWN

Struggling clothing retailer Edcon has reached a refinancing deal with its banks, landlords and the Public Investment Corporation (PIC) on Friday.

Edcon owns Edgars, Jet and CNA.

It is Edcon’s second refinancing deal in two years.

The R2.7 billion deal will free it of all interest-bearing debt by turning its banks, landlords and the PIC into shareholders.

Edcon employs 40 000 people.

Its CEO, Grant Pattison, says he can now focus on fixing the business and implementing its survival plan which may include closing a third of its stores in the next two years and moving away from selling branded imported clothes.

The Money Show’s Bruce Whitfield interviewed Pattison.

Listen to the interview in the audio below (and scroll down for quotes from it).

We don’t have many lives left…

Grant Pattison, CEO - Edcon

All the debt is gone… it’s the first time Edcon has been in this position since 2007…

Grant Pattison, CEO - Edcon

We’ve lost our discipline. We don’t do the basics well… We really have to up our game…

Grant Pattison, CEO - Edcon

We’re really doing quite well with CNA… the business model still needs tweaking…

Grant Pattison, CEO - Edcon

[When] We close a store, we move the staff into surrounding stores…

Grant Pattison, CEO - Edcon

To raise this money, I had to prove we’re already turning things around… Edcon has made more profits in the last four months than in the previous year…

Grant Pattison, CEO - Edcon

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Best way to invest the jackpot if you win the lotto

Best way to invest the jackpot if you win the lotto

More than 70% of lotto winners go broke, warns Warren Ingram, a personal financial advisor at Galileo Capital.

Do-it-yourself stock picking for 1st-time small investors

Do-it-yourself stock picking for 1st-time small investors

There are dangers, but you can save money and take control. Ray White interviews Francois Strydom (Momentum Securities).

South Africa can have cheap electricity, forever! – former Eskom engineer

South Africa can have cheap electricity, forever! – former Eskom engineer

The Money Show’s Bruce Whitfield interviews Dr Tobias Bischof-Niemz, CEO at ENERTRAG South Africa.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Edgars to transform Boardmans, Red Square, La Senza in a bid to stay alive

Edgars to transform Boardmans, Red Square, La Senza in a bid to stay alive

The Money Show’s Bruce Whitfield interviews Edcon CEO Grant Pattison, the architect behind this latest turnaround plan.

Edcon's Grant Pattison answers very personal questions about money

Edcon's Grant Pattison answers very personal questions about money

The Money Show’s Bruce Whitfield interviews Pattison about his attitude to money (hopes and fears, successes and failures, etc.)

Popular articles
Zuma's permanent stay of prosecution bid puts NPA on trial, says Karyn Maughan

Zuma's permanent stay of prosecution bid puts NPA on trial, says Karyn Maughan

Reporter Karyn Maughan shares latest in Jacob Zuma's high court bid to have corruption charges against him permanently dropped.

Best way to invest the jackpot if you win the lotto

Best way to invest the jackpot if you win the lotto

More than 70% of lotto winners go broke, warns Warren Ingram, a personal financial advisor at Galileo Capital.

South Africa can have cheap electricity, forever! – former Eskom engineer

South Africa can have cheap electricity, forever! – former Eskom engineer

The Money Show’s Bruce Whitfield interviews Dr Tobias Bischof-Niemz, CEO at ENERTRAG South Africa.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Survey reveals SA teachers 'emotionally overwhelmed'

Survey reveals SA teachers 'emotionally overwhelmed'

A report has revealed that many teachers feel overwhelmed and often feel they must step into the role of a 'proxy parent'.