Edcon has released a statement to trading partners to update relevant stakeholders on the latest developments relating to activities and events underway within the group.
The group has redefined roles and responsibilities at head office, with Andrew Levermore assuming the position of COO.
The group is reshaping the capital restructure to support long term growth and reduce the debt. In the past year, Edcon has reduced its debt by R4,5-billion and cash interest burden by R1-billion. Debt maturities have also been extended to December 2017.
Edcon is in the process of closing certain stores while opening new outlets. Approximately 60 new stores will be opened in the next two years, including numerous group store concepts in the 131 000 square metre Mall of Africa.