Edgars could close 1,300 stores and cut 40,000 jobs

Emjay

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Edgars could close 1,300 stores and cut 40,000 jobs

Edgars is at risk of going under and closing many stores.

This is according to a report in the Sunday Times, which said Edcon – Edgars’ owners – is in massive financial trouble.
Knew this for a long while now. Anyone at the corporate offices at Edcon would have seen this coming. You should see their staff compliment. More (useless) managers than actual workers. The people who do the work are all contractors who are pressured into working for next to nothing. Those managers cannot negotiate either. I saw them turn down a deal which landed costing them double in the end because they thought they could squeeze the contractor for more blood when they were getting a good deal.
 

Polymathic

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Knew this for a long while now. Anyone at the corporate offices at Edcon would have seen this coming. You should see their staff compliment. More (useless) managers than actual workers. The people who do the work are all contractors who are pressured into working for next to nothing. Those managers cannot negotiate either. I saw them turn down a deal which landed costing them double in the end because they thought they could squeeze the contractor for more blood when they were getting a good deal.
Edgar's not going to be the only company that is going to collapse due to it owns incompetence. Look at Spurs inept PR department handling of the Spur incident, ending costing the company 10s of millions of rands.
 

ToxicBunny

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Edgar's not going to be the only company that is going to collapse due to it owns incompetence. Look at Spurs inept PR department handling of the Spur incident, ending costing the company 10s of millions of rands.
Except all the Spurs I know of are still operating quite happily, and I've seen 2 new ones open up recently.
 

Polymathic

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Except all the Spurs I know of are still operating quite happily, and I've seen 2 new ones open up recently.
Yeah Spur is too big too fail from a PR gaf. The point I was making that many local companies have staff and management lack the ability to their jobs. Spur was just an example of Gross incompetence and that is a company presumably hiring the best of best that AA legislation will allow them to hire presumably.
 

ToxicBunny

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Yeah Spur is too big too fail from a PR gaf. The point I was making that many local companies have staff and management lack the ability to their jobs. Spur was just an example of Gross incompetence and that is a company presumably hiring the best of best that AA legislation will allow them to hire presumably.
I don't know if you could claim Spur hire the best of the best.... they hire what they think will do the job for an acceptable level of salary.
 

GhostSixFour

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Went looking for pants the other day, all I can say is that if you're grown man with the hips of a teenaged girl - you could've gotten some good deal there.

I don't know who are these people all buying the size 28 pants that Edgars felt they needed so many of them.
 

cr@zydude

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I think CNA has closed in most shopping centres.
The only one I saw in operation is at Canal Walk.
BlueRoute,Tygervalley,Somerset Mall all closed
Cavendish is still open too.

CNA is one of the brands which Edcon wants to keep, but it struggles for relevance. Edgars and Jet will stay too.
 

ForceFate

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Yeah Spur is too big too fail from a PR gaf. The point I was making that many local companies have staff and management lack the ability to their jobs. Spur was just an example of Gross incompetence and that is a company presumably hiring the best of best that AA legislation will allow them to hire presumably.
Perhaps you should explain what you mean by this?
 

Johnatan56

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Went looking for pants the other day, all I can say is that if you're grown man with the hips of a teenaged girl - you could've gotten some good deal there.

I don't know who are these people all buying the size 28 pants that Edgars felt they needed so many of them.
There's 28 pants there? I usually have problems there as only for fat people, I need 28-30 :p
Though leaning towards 30 with newer styles/cuts.
 

rwenzori

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Edcon said to be in talks for R3bn rescue funding

"Edcon is in talks for as much as R3bn in funding to save South Africa’s biggest non-food retailer, according to people familiar with the matter.

The Public Investment Corp, which oversees state-worker pensions and is Africa’s largest fund manager, may provide R1.8bn to assist the company, said the people, who asked not to be identified as the information isn’t yet public.

Landlords may contribute another R700m through reduced rent charges and banks about R500m, they said.

The PIC has received a proposal on Edcon and will make a decision after subjecting it to investment processes, spokesperson Sekgoela Sekgoela said in an emailed response to questions."

More at:

https://www.fin24.com/Companies/Retail/edcon-said-to-be-in-talks-for-r3bn-rescue-funding-20190123-2
 

dj2381

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So I made the mistake of going to Edgars Canal Walk maybe 2 weeks ago just to get my kid some new shoes, when we walked into the store there were clothes and shoes, etc clearly just chucked on the floor by some special customers in a few sections, but the staff being as useful as they normally are were just standing around chatting to each other as per usual with not a care in the world, they don't seem to take any pride in their store, I was hoping to use my account credit to purchase but never again, almost fully paid up and then I'm cancelling.
 
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