April 29, 2020 / 9:49 AM / a month ago

South African retailer Edcon to file for bankruptcy protection

JOHANNESBURG, April 29 (Reuters) - South African non-food retailer Edcon will file for a form of bankruptcy protection after the coronavirus pandemic has hammered sales, leaving it without money to pay creditors and suppliers, it said on Wednesday.

“In the short time that has been available to us, we have been unable to raise the funds needed to pay the creditors for the March and April month-ends. To provide us with a longer period to raise the money, the board has taken a decision to file for business rescue,” it said in a statement. (Reporting by Nqobile Dludla Editing by David Goodman )

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