Edcon looking to sell parts of Edgars

File: Edcon, which owns Jet and Edgars, employs over 17,000 people.

File: Edcon, which owns Jet and Edgars, employs over 17,000 people.

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JOHANNESBURG - Embattled retailer Edcon which is currently under business rescue could sell-off parts of its subsidiary, Edgars.

It's Business Rescue Practitioners say the owner of Legit and Beaver Canoe and Style stores, Retailability has made an offer for parts of Edgars.

The sale will be subject to several conditions.

It is not the first time Retailability has done business with Edcon.

READ: Edcon to file for business rescue

The company acquired the Legit stores from Edgars for R 637-million. 

Edcon, which owns Jet and Edgars, employs over 17,000 people.

READ: Edcon rescue plan adopted

It was placed under business rescue at the end of April after it made sales losses of R 2-billion, leaving it unable to pay suppliers. 

The company currently owes secured and unsecured suppliers more than R8-billion.

While practitioners have not indicated which stores will be sold or closed, they say this will ensure growth and save jobs.

Source
eNCA