[western-cape] - Disaster waiting if Edcon issues aren't resolved, warns union

  |   Knysnanews

“Sactwu is horrified that 140 000 jobs might be lost should the Edcon rescue funding crisis not be resolved within the next day (today).

‘‘Should this happen, it will unleash a socio-economic disaster, unprecedented in the recent history of the clothing, textile, footwear and leather sectors,” said Sactwu secretary-general Andre Kriel.

“The terrible multiplier effects on the poorest of the poor and the economy at large would be too ghastly to contemplate,” said Kriel.

Edcon, according to reports, is involved in talks with the Public Investment Corporation (PIC) for as much as R3 billion in funding assistance to save it from financial woes....

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