Edgars owner to sell stake to rival retailer
News
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Jul 2020
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Edcon Holdings Ltd. agreed to sell part of South African clothing chain Edgars to private equity-backed regional rival Retailability Pty Ltd. Following a five-week strict lockdown to contain the coronavirus in South Africa that wiped out sales and curtailed a recovery from a 2019 restructuring, Edcon was put into a local form of bankruptcy protection in late April. Edgars was put up for sale alongside sister chains Jet, which specializes in low-cost clothing, and Thank U, a finance and loyalty-card unit. A sale of Edgars and the preservation of at least some jobs comes as South Africa's retail sector and the wider economy reels from the Covid-19 pandemic and various forms of lockdown.
