Edcon is very close to announcing a complete recapitalisation of the business that should endure for the next few years, Edcon CEO Grant Pattison said on Sunday.
“We cannot comment on the details as it is not yet finalized‚” he said via Twitter‚ rejecting the Sunday Times report of its financial woes as “sensationalism”.
The newspaper reported that the retailer was debt-laden and required R2-billion in emergency funding.
Pattison said: “Edcon has been with this risk for some time. We are close to a deal to fix the business.”
He added‚ “Edcon has not ‘crashed’. The Group had a great sales day yesterday (15 December 2018) with sales up on last year.”
He indicated the recapitalisation deal would be announced soon.