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 to 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.
An emotional Pattison told suppliers during a conference call that the company only has sufficient liquidity to pay salaries, and is unable to honor any other accounts payable during the period.
And this means Thousands of jobs will be lost due to this lockdown. You may start to be creative now and look for something which you will fit on and make a living out of it.