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JOHANNESBURG - Edcon said that its turn-around journey had been "a tough one" but it would work closely with its business rescue practitioners to plug the company’s financial hole.

The group, which owns Jet and Edgars, wants to file for voluntary business rescue within the next few days in order to stay afloat.

It's hoping the move will help it buy time so that it can raise money.

With R2 billion lost since the start of the coronavirus outbreak, Edcon is predicting a further decline in sales even after the easing of lockdown regulations.

Although it is filing for business rescue, the company said that it would still open its stores in line with Level 4 regulations.

CEO Grant Pattison said that they hoped some version of the business would emerge and enable it to continue serving customers.

"All out attention for the next few days is going to be on how to open safely."

The company said that it was struggling to pay staff salaries as well as its suppliers and would now look to the COVID-19 relief program to help bridge the financial gap.

This article first appeared on EWN : Financially struggling Edcon to still open stores in line with Level 4 rules

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