Administrators Propose Sales Plan for South Africa's Edcon.

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Administrators in charge of South Africa’s Edcon have proposed a sales process that may lead to job redundancies in significant numbers, after the retailer filed for a form of bankruptcy protection in April.
Administrators are seeking the sales of the retailer’s divisions as going concerns, according to details of the business rescue plan published late on Monday.
Edcon, which owns department store chain Edgars and budget clothing retailer Jet, entered business rescue proceedings after losing an estimated 2 billion rand ($120 million) of sales since the coronavirus pandemic reached South Africa in March.
The administrators, Piers Marsden and Lance Schapiro of Matuson Associates, said the proposed plan will lead to an efficient rescue of the company and will balance the rights and interests of all stakeholders.