Edgars jobs safe, for now
Edgars jobs safe, for now

Edgars jobs safe, for now

Ogone Tlhage
Edgars stores across southern Africa, which include its Namibian operations, will not close as was earlier reported this past weekend.

The announcement was made by Edcon CEO Grant Pattison, who said the company was on the road to recovery.

The Sunday Times reported over the weekend that Edgars, Jet and CNA stores faced the risk of closure with an estimated 140 000 job losses imminent, as a result of its failure to pay high rental monthly fees.

Namibian Sun asked Edcon media spokesperson Michael Rubenstein how the risk of Edgars shops closing in South Africa would affect its operations in Namibia. Pattison responded to the query. Edcon currently has a number of Edgars, Jet and CNA stores in operation across Namibia. Pattison said his company's balance sheet recovery programme has been underway for some time, as it continues to focus on completing a recapitalisation of Edcon. “Part of the process is the continuing discussions with various stakeholders, which include lenders, landlords, potential new investors and others, as we explore and discuss various options,” Pattison said.

“These discussions are advancing and significant progress is being made, with all stakeholders indicating their support and strong commitment to the process. Edcon had offered a 5% stake to its landlords in the business in exchange for a two-year agreement on rentals, the Sunday Times reported this past weekend. This would help Edcon secure N$1.9 billion in emergency funding from banks.

The 89-year-old company, South Africa's biggest non-food retailer, has long struggled to stay afloat amid weak consumer spending and economic growth in South Africa, and had to be taken over by banks and bondholders in 2016 to avoid collapse. It announced plans this year to close some stores and to cut floor space by 17% over five years.

OGONE TLHAGE

Comments

Namibian Sun 2024-11-07

No comments have been left on this article

Please login to leave a comment

Premier League: Fulham 2 vs 1 Brentford Katima Mulilo: 22° | 36° Rundu: 20° | 31° Eenhana: 21° | 31° Oshakati: 21° | 31° Ruacana: 20° | 31° Tsumeb: 19° | 26° Otjiwarongo: 18° | 23° Omaruru: 20° | 32° Windhoek: 17° | 29° Gobabis: 19° | 28° Henties Bay: 16° | 22° Wind speed: 19km/h, Wind direction: SW, Low tide: 12:28, High tide: 06:39, Low Tide: 00:56, High tide: 18:52 Swakopmund: 15° | 18° Wind speed: 19km/h, Wind direction: W, Low tide: 12:26, High tide: 06:37, Low Tide: 00:54, High tide: 18:50 Walvis Bay: 15° | 24° Wind speed: 23km/h, Wind direction: W, Low tide: 12:26, High tide: 06:36, Low Tide: 00:54, High tide: 18:49 Rehoboth: 20° | 30° Mariental: 22° | 35° Keetmanshoop: 24° | 36° Aranos: 20° | 34° Lüderitz: 14° | 24° Ariamsvlei: 22° | 36° Oranjemund: 15° | 24° Luanda: 25° | 27° Gaborone: 19° | 27° Lubumbashi: 17° | 33° Mbabane: 13° | 24° Maseru: 12° | 25° Antananarivo: 14° | 30° Lilongwe: 22° | 29° Maputo: 19° | 26° Windhoek: 17° | 29° Cape Town: 17° | 22° Durban: 16° | 23° Johannesburg: 15° | 26° Dar es Salaam: 26° | 31° Lusaka: 20° | 31° Harare: 17° | 30° Currency: GBP to NAD 22.4 | EUR to NAD 18.68 | CNY to NAD 2.42 | USD to NAD 17.28 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.34 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.63 | ZWL to NAD 0.04 | BRL to NAD 3.05 | RUB to NAD 0.18 | INR to NAD 0.2 | USD to DZD 132.74 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.22 | USD to KES 129.2 | USD to NGN 1680.41 | USD to ZAR 17.29 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1858.03 Down -1.09% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 31045.26 Up +0.82% | Botswana Stock Exchange (BSE) DCI 9878.53 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 694.20/OZ UP +1.13% | Copper US$ 4.41/lb UP +4.26% | Zinc US$ 3 087.30/T UP 3.6% | Brent Crude Oil US$ 74.62/BBP DOWN -0.0116 | Platinum US$ 988.20/OZ UP +0.40% Sport results: Premier League: Fulham 2 vs 1 Brentford Weather: Katima Mulilo: 22° | 36° Rundu: 20° | 31° Eenhana: 21° | 31° Oshakati: 21° | 31° Ruacana: 20° | 31° Tsumeb: 19° | 26° Otjiwarongo: 18° | 23° Omaruru: 20° | 32° Windhoek: 17° | 29° Gobabis: 19° | 28° Henties Bay: 16° | 22° Wind speed: 19km/h, Wind direction: SW, Low tide: 12:28, High tide: 06:39, Low Tide: 00:56, High tide: 18:52 Swakopmund: 15° | 18° Wind speed: 19km/h, Wind direction: W, Low tide: 12:26, High tide: 06:37, Low Tide: 00:54, High tide: 18:50 Walvis Bay: 15° | 24° Wind speed: 23km/h, Wind direction: W, Low tide: 12:26, High tide: 06:36, Low Tide: 00:54, High tide: 18:49 Rehoboth: 20° | 30° Mariental: 22° | 35° Keetmanshoop: 24° | 36° Aranos: 20° | 34° Lüderitz: 14° | 24° Ariamsvlei: 22° | 36° Oranjemund: 15° | 24° Luanda: 25° | 27° Gaborone: 19° | 27° Lubumbashi: 17° | 33° Mbabane: 13° | 24° Maseru: 12° | 25° Antananarivo: 14° | 30° Lilongwe: 22° | 29° Maputo: 19° | 26° Windhoek: 17° | 29° Cape Town: 17° | 22° Durban: 16° | 23° Johannesburg: 15° | 26° Dar es Salaam: 26° | 31° Lusaka: 20° | 31° Harare: 17° | 30° Economic Indicators: Currency: GBP to NAD 22.4 | EUR to NAD 18.68 | CNY to NAD 2.42 | USD to NAD 17.28 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.34 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.63 | ZWL to NAD 0.04 | BRL to NAD 3.05 | RUB to NAD 0.18 | INR to NAD 0.2 | USD to DZD 132.74 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.22 | USD to KES 129.2 | USD to NGN 1680.41 | USD to ZAR 17.29 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1858.03 Down -1.09% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 31045.26 Up +0.82% | Botswana Stock Exchange (BSE) DCI 9878.53 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 694.20/OZ UP +1.13% | Copper US$ 4.41/lb UP +4.26% | Zinc US$ 3 087.30/T UP 3.6% | Brent Crude Oil US$ 74.62/BBP DOWN -0.0116 | Platinum US$ 988.20/OZ UP +0.40%