Edcon Board Approves Proposed Recapitalisation Plan

Edgars store. Picture: EWN

JOHANNESBURG – The Edcon board has approved the structure of a proposed recapitalisation plan and in response, lenders have extended waivers to allow time for the company to turn itself around.

Edcon has been under extreme financial pressure over the past few years.

A Sunday Times report said that Edcon was near to collapse, with thousands of jobs on the line.

Management denied this, saying that a plan was in place.