South African retailer Edcon needs R3 billion ($226 million) in funding over the next three years to “fix” the business, its chief executive Grant Pattison said on Thursday.
Edcon has been grappling with an over-leveraged capital structure for several years, after troubles in its credit business in 2014 coincided with an economic slowdown and weak consumer spending at home.
($1 = 13.2516 rand)
(Reporting by Nqobile Dludla; Editing by Susan Fenton)
