Edgars, Jet may not reopen post lockdown

Clothing stores Edgars and Jet may not be able to reopen after the coronavirus lockdown.Courtesy #DStv403

JOHANNESBURG - Clothing stores Edgars and Jet may not be able to reopen after the coronavirus lockdown.

Essential services such as grocers and pharmacies will operate during the 21-day-period.

READ: We can weather a few weeks, but not longer: Business owner on lockdown

The bulk of Edcon’s more than 1,000 clothing stores will close, and that will cost the retailer about R800-million in sales.

That’s according Edcon CEO Grant Pattison who told suppliers on the eve of the lockdown that March revenue will be R400-million below forecasts.

It’s a devastating blow to Edcon suppliers.

READ: South Africa officially under lockdown

An emotional Pattison told suppliers during a conference call that the company only has sufficient liquidity to pay salaries, and is unable to honour any other accounts payable during the period.

Source
eNCA