The Money Show's Bruce Whitfield breaks down after Edcon chief begins to cry
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.
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.
Affected areas include Western Jabavu, Jabavu, Mofolo Central, Molapo and White City.Read More
For two decades, Makate has been challenged the cellphone operating company through lengthy court battles to pay out the amount he feels is due to him for his invention of the "please call me".Read More
Valuable tips on ensuring an inheritance for your kids and educating them about money from personal finance expert Warren Ingram.Read More
The latest patents are 'deeply frightening'. Tech expert Toby Shapshak on the voice-profiling revolution in marketing.Read More
Signing up for the Karpowerships would be irresponsible and irrational, says energy expert Clyde Mallinson on The Money ShowRead More
Tough negotiations lie ahead for WTO members on lifting Covid-19 vaccine patent protections, says Salome Meyer (Cancer Alliance).Read More
"We’re not producing enough dentists," laments Dr. Bulela Vava, founder of the Public Oral Health Forum.Read More
Hospital groups aren't allowed to employ radiographers. Life Healthcare is fighting to have this changed, for important reasons.Read More
It is not just a court case that could become a problem for Apple.Read More
The Gold Fields board has greenlighted the R660m project. Bruce Whitfield interviews Martin Preece, Executive VP: South Africa.Read More