Streaming issues? Report here
Azania Mosaka 1500 x 1500 2020 Azania Mosaka 1500 x 1500 2020
The Azania Mosaka Show
13:00 - 15:00
volume_up
volume_mute

Up Next: The John Perlman Show
See full line-up
The Azania Mosaka Show
13:00 - 15:00
Home
arrow_forward
Business

The Money Show's Bruce Whitfield breaks down after Edcon chief begins to cry

26 March 2020 7:07 PM
Tags:
Edcon
Grant Pattison
Coronavirus
Lockdown
COVID-19

Edcon CEO Grant Pattison broke down in tears today, telling suppliers the company only has sufficient liquidity to pay salaries.

Edcon CEO Grant Pattison on a conference call to suppliers this morning broke down, telling them Edcon only has sufficient liquidity to pay salaries but is "unable to honour any other accounts during this period".

Pattison said when the country goes into lockdown, Edcon will be about R400m below predicted sales and cash for the month.

He said Edcon is prioritising paying salaries to staff.

He did tell suppliers that they would next week turn their attention to building a re-opening plan.

"We will be heavily dependent on business support packages offered by government and other agencies and funders.

"Management will continue to look at all options – and there may be some really tough recommendations to be made to the board after the lock-down period, including having to consider Business Rescue.''

Towards the end of the call, Pattison begins to sob.

The Money's Show's bruce Whitfield called the call the most difficult thing a company chief can ever do, and also broke down after the audio clip, having to go off air for a brief moment.

Grant Pattison. Picture: corporate.walmart.com

Listen to the entire emotional sound clip below.

The Money Show's Bruce Whitfield also broke down and had to take a minute off air.

"That's how serious this is...

"Edcon is the first..."

Listen below to Bruce's emotional and moving reaction to Grant Pattison's sad news:

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


26 March 2020 7:07 PM
Tags:
Edcon
Grant Pattison
Coronavirus
Lockdown
COVID-19

More from Business

Time coins money pexels

How to optimise cash flow and reduce interest charges

26 October 2020 8:09 PM

Absa’s working capital management solutions help businesses successfully manage their cashflows and working capital.

Share this:
Read More arrow_forward

Happy child kid face mask facemask covid-19 123rf

[BOOK REVIEW] The future arrived early - economist Dr Iraj Abedian

26 October 2020 7:34 PM

Famed economist Dr Iraj Abedian talks about his book, "FutureNEXT: Reimagining Our World and Conquering Uncertainty”.

Share this:
Read More arrow_forward

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Middleclass incomes have recovered almost fully since hard lockdown – FNB data

26 October 2020 7:13 PM

The lowest and highest-paid workers in SA haven’t yet recovered from the lockdown, according to FNB's Dr Christoph Nieuwoudt.

Share this:
Read More arrow_forward

Empty piggy bank broke 123rfbusiness 123rf

Famous Brands (owner of Steers/Wimpy/etc.) reports its 1st ever operating loss

26 October 2020 6:52 PM

The Money Show’s Bruce Whitfield interviews Famous Brands CEO Darren Hele.

Share this:
Read More arrow_forward

Lockdown levels South Africa Covid-19 coronavirus 123rf

'Another hard lockdown will cause even more state violence'

26 October 2020 6:27 PM

Futurist Graeme Codrington and economist Dick Forslund on how a 2nd hard lockdown and a 2nd Covid wave might affect our country.

Share this:
Read More arrow_forward

Mboweni

Dissecting SA's debt situation ahead of the MTBPS

26 October 2020 5:14 PM

Business Times contributing editor Hilary Joffe says the government needs to borrow R777-billion.

Share this:
Read More arrow_forward

train-widejpg

Consumer goods sector is consolidating - and supply chains are de-globalising

23 October 2020 2:19 PM

The pandemic has hastened much-needed consolidation and made clear the value of bringing supply chains closer to home.

Share this:
Read More arrow_forward

Clicks logo

Clicks reports healthy rise in profit, back to normal sales after hair ad fiasco

22 October 2020 8:12 PM

Sales of vitamins and supplements are offsetting drop in demand for cold and flu remedies says Clicks CEO Vikesh Ramsunder.

Share this:
Read More arrow_forward

happy-at-workjpg

Picked the wrong job? There's a company that pays you to quit if you're unhappy

22 October 2020 7:06 PM

'If you're happy at work it rubs off on your colleagues and clients' says Gideon Galloway, CEO of King Price Insurance.

Share this:
Read More arrow_forward

Light bulb, electricity, load shedding.

Just another promise? Load shedding to ease from September next year says Eskom

22 October 2020 6:42 PM

Bruce Whitfield interviews Rhulani Mathebula (head of Generation) on Eskom's turnaround plan and the future of Koeberg.

Share this:
Read More arrow_forward