Edgars and Jet account holders offered a payment holiday
- Edgars and Jet’s debt book holder RCS is offering its clients a credit payment holiday in light of the unprecedented national lockdown.
- All clients in good standing with the retailers, and who are up to date with payments will qualify for the payment holiday.
- Clients can contact the retailer’s call centres to qualify for the payment holiday.
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* This article has been updated.
RCS, which took over Edcon’s debt book in January, will be offering Edgars and Jet offering account holders a credit payment holiday in light of the unprecedented national lockdown.
All clients at Edcon, which operates Edgars and Jet, who are in good standing with the retailer, and have been up to date with payments leading up to the lockdown, will qualify for the payment holiday.
Account-holders will also able to restructure their payment options, RCS said. It said clients, based on their current circumstances, may also be eligible for cover in respect of loss of income.
Clients should contact RCS to make use of the payment relief measures.
Edcon is currently struggling to survive, with the group's CEO warning that it may not be able to open its doors following lockdown.
Grant Pattison started crying in a call to suppliers last month, as he told them that the group won't be able to pay them for their products and services.
He has taken a temporary pay cut of 100% to help pay staff salaries.
Edcon, which has a debt burden of more than R7 billion, has lost R800 million in sales during the national lockdown period.
The group’s executive committee has agreed to a 30% temporary cuts in their salaries, while the rest of the executives have agreed to a 20% and 10% temporary salary cut based on the different levels in the various roles.
Edcon said in a statement that all non-management staff will be receiving 100% of their salaries during the lockdown period, and it has applied to the Unemployment Insurance Fund (UIF) to help pay salaries.
* This article has been updated after Edcon said debt relief measures offered were not cleared with RCS.
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