{"id":412061,"date":"2020-06-30T11:36:18","date_gmt":"2020-06-30T09:36:18","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=412061"},"modified":"2020-06-30T11:36:18","modified_gmt":"2020-06-30T09:36:18","slug":"edgars-owner-expecting-offers-in-july-with-22000-jobs-on-the-line","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/412061\/edgars-owner-expecting-offers-in-july-with-22000-jobs-on-the-line\/","title":{"rendered":"Edgars owner expecting offers in July, with 22,000 jobs on the line"},"content":{"rendered":"<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-13\/edgars-on-auction-block-after-91-years-of-south-african-trading\" target=\"_blank\" rel=\"noopener noreferrer\">Edcon Holdings Ltd<\/a>\u2019s administrators extended a deadline for offers for the three main divisions of South Africa\u2019s second-largest clothes retailer, whose sales suffered from pandemic restrictions.<\/p>\n<p>Binding offers are now expected in early July. Tuesday was the initial deadline after administrators for the owner of the Edgars and Jet chains put the two retailers up for sale earlier this month,\u00a0<span id=\"14e0095e-baac-11ea-80a2-000f53570e20\">aiming to<\/span>\u00a0save some of the company\u2019s more than 22,000 permanent and casual jobs.<\/p>\n<p>The shift in date \u201cis to be expected in a complex business-rescue process such as this,\u201d the administrators said in a statement.<\/p>\n<p>They declined to comment on the details due to confidentiality agreements.<\/p>\n<p>Edcon is in a local form of bankruptcy protection after various lockdown to contain the coronavirus in South Africa dried up sources of revenue.<\/p>\n<p>The business-rescue team received 15 expressions of interest in parts of the Johannesburg-based business.<\/p>\n<p>Still, the company started talks with all employees about job cuts earlier this month, a step seen as prudent in the absence of any binding offers at that stage. Thank U, a loyalty-card plan with 14 million members, is also up for sale.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business\/411789\/these-graphs-show-how-businesses-have-suffered-during-lockdown-in-south-africa-including-layoffs-and-possible-closures\/\" target=\"_blank\" rel=\"noopener noreferrer\">These graphs show how businesses have suffered during lockdown in South Africa \u2013 including layoffs and possible closures<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Edcon Holdings Ltd.\u2019s administrators extended a deadline for offers for the three main divisions of South Africa\u2019s second-largest clothes retailer, whose sales suffered from pandemic restrictions.<\/p>\n","protected":false},"author":59,"featured_media":408385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-412061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/412061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=412061"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/412061\/revisions"}],"predecessor-version":[{"id":412079,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/412061\/revisions\/412079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/408385"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=412061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=412061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=412061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}