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Edgars owner to sell stake in clothing chain to rival retailer

JOHANNESBURG – Edcon Holdings Ltd. agreed to sell part of South African clothing chain Edgars to a private equity-backed regional rival, potentially safeguarding a 91-year-old brand and saving thousands of jobs.
Administrators led by Lance Schapiro and Piers Marsden struck a deal with Retailability Pty Ltd., a holding company for brands Legit, Beaver Canoe and Style, which owns 460 stores across southern Africa. Details of the transaction will be finalized based on further agreements, the business-rescue team said in a statement on Tuesday.
 
“This is a good outcome for Edgars — if the deal goes through — because they might be able to save more jobs than expected,” said Lulama Qongqo, an analyst at Mergence Investment Managers in Cape Town. “Depending on the purchase price, lenders and real-estate investment trusts may be able to recoup some of the funds owed to them.”
 
Edcon was put into a local form of bankruptcy protection in late April, after a five-week strict lockdown to contain the coronavirus in South Africa wiped out sales and curtailed a recovery from a 2019 restructuring.

Read full article on: IOL

Source:  IOL

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