Edgars in Zimbabwe sold to investor from Mauritius

Struggling SA retail giant, Edcon, has been given the green light to sell its shareholding in Zimbabwe-based clothing chain Edgars to Mauritius incorporated entity SSCG Africa Holdings, as the group realigns operations in a bid to stay afloat.

Edcon faced a possible collapse before agreeing a R2.7bn deal with lenders, South African landlords and the Public Investment Corporation as part of a restructuring plan to save the group.

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