June 8, 2020 / 11:38 PM / a month ago

Administrators propose sales process plan for South African retailer Edcon

June 9 (Reuters) - Administrators in charge of South Africa’s Edcon have proposed a sales process to save the retailer after it filed for a form of bankruptcy protection in April.

The process will comprise of implementing an accelerated sales process and a wind-down process, according to details of the business rescue plan published late on Monday.

Administrators are seeking the sales of the divisions as going concerns, the document said, adding that the sales could lead to job redundancies in “significant numbers”.

A meeting of creditors and other holders with a voting interest will be held on June 22.

Reporting by Kanishka Singh in Bengaluru; Editing by Kim Coghill

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