Shoppers walk past an Edgars store at a shopping centre in Soweto, southwest of Johannesburg, January 30, 2015. REUTERS/Siphiwe Sibeko
South Africa’s Edcon Needs $226 Million Over 3 Years to “Fix” Business
South African retailer Edcon needs R3 billion ($226 million) in funding over the next three years to “fix” the business, its chief executive Grant Pattison said on Thursday. Edcon has been grappling with an over-leveraged capital structure for several years, after troubles in its credit business in 2014 coincided with an economic slowdown and weak […]
Shoppers walk past an Edgars store at a shopping centre in Soweto, southwest of Johannesburg, January 30, 2015. REUTERS/Siphiwe Sibeko
South African retailer Edcon needs R3 billion ($226 million) in funding over the next three years to “fix” the business, its chief executive Grant Pattison said on Thursday.
Edcon has been grappling with an over-leveraged capital structure for several years, after troubles in its credit business in 2014 coincided with an economic slowdown and weak consumer spending at home.
($1 = 13.2516 rand)
(Reporting by Nqobile Dludla; Editing by Susan Fenton)