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Creditors of Edcon have approved the business rescue plan for the clothing retailer after deliberations on Monday night, Fin24 understands.
When approached for confirmation from Edcon, a spokesperson said that the process was still underway and official comment would only be given yesterday.
Earlier on Monday, two concurrent creditors of Edcon lost an urgent application in the High Court in Pretoria to have the creditors’ meeting, which was set to start at 2pm, postponed.
After numerous attempts over the years to turn Edgars and other brands like Jet around, Edcon went into voluntary business rescue at the end of April this year. Even before SA moved into lockdown at the end of March, Edcon was already under strain. Last year the Public Investment Corporation, landlords and creditors funded a R2,7 billion recapitalisation deal that enabled the company to keep operating. — news24.com.
Online Reporter