Today's Labour News

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edconBloomberg reports that Edcon Holdings Ltd’s latest recovery plan includes closing chains, including Red Square cosmetics and La Senza lingerie, and attempting to lure their customers to its flagship Edgars clothing stores.  

The move is the brainchild of new chief executive officer Grant Pattison.  The company has long struggled to stay afloat amid weak consumer spending and economic growth, and had to be taken over by banks and bondholders in 2016 to avoid collapse.  Edcon will reduce its 1,300-store footprint and cut floor space by 17% over five years to boost profitability, the CEO said Wednesday.  The non-food retailer will focus its attention primarily on Edgars and will also retain discount clothing specialist Jet and its CNA stationery stores, though Boardmans homeware is set for the chop.  “I do think the company can turn.  The quicker we can do this, the better,” Pattison indicated.  Earlier attempts at reviving Edcon included increasing the workforce, slashing prices and introducing international brands.

  • Read this report by Janice Kew in full at Moneyweb

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