Edcon
Corporate brand
UnclaimedSouth African retail group that built a large department-store and discount-retail portfolio around Edgars and Jet before entering business rescue and selling its principal divisions in 2020.
Last updated August 26, 2026
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Overview
Edcon was a South African retail group headquartered in Johannesburg and best known for operating the Edgars department-store chain and the Jet discount-fashion business. Its origins lay in the first Edgars store, opened by Sydney Press on Joubert Street in Johannesburg on 6 September 1929. Over the following decades, the business expanded from a South African clothing retailer into a regional operator serving several southern African markets. The group’s core activity was clothing, footwear and textiles retailing, supported by department stores, discount stores, specialty formats and consumer-finance services. Its department-store portfolio included Edgars, CNA, Boardmans, Red Square and other smaller or discontinued concepts. Its discount division included Jet, Jet Mart, Jet Shoes and Blacksnow. Edcon Financial Services provided credit facilities and related financial products to the group’s customer base, which was reported to exceed four million cardholders during the company’s later years. Edcon expanded beyond South Africa during the late 1960s, opening stores in Botswana, Lesotho and the territory then known as Swaziland, now Eswatini. By 2014, its collection of retail brands operated more than 1,400 stores across South Africa, Botswana, Namibia, Eswatini, Lesotho, Ghana, Zimbabwe and Zambia. The group served multiple income segments: Edgars and related department-store formats were directed primarily at middle- and higher-income shoppers, while Jet and its associated formats targeted middle- and lower-income consumers. The company’s ownership and financial structure changed substantially over time. Edgars was acquired by South African Breweries in 1982. Bain Capital later completed a private-equity transaction that delisted Edcon from the Johannesburg Stock Exchange in 2007. After the delisting, the group faced a succession of chief executives, declining market share, heavy rental commitments and pressure from cheaper imported apparel and the growth of online shopping. Its debt burden became a central problem. Net debt was reported at R24.7 billion in 2016, after which lenders temporarily assumed control and the company pursued a restructuring plan. Store closures followed, including the closure of 253 stores by 2018. The group also announced the closure of the Boardmans homeware and La Senza businesses in 2018. Edcon’s difficulties intensified during the COVID-19 pandemic. South Africa’s lockdowns restricted retail operations, while the group stopped paying rent at some locations and sought relief from landlords. In 2020, Edcon entered business rescue. The process ultimately separated its principal operating assets: Retailability acquired the Edgars division, The Foschini Group acquired Jet, and CNA was sold to a Mauritian holding company. The Competition Tribunal approved the Edgars and Jet transactions on 8 September 2020. These disposals marked the end of Edcon as an integrated retail group, although the Edgars and Jet brands continued under new ownership.
History
Edcon’s history began with the opening of the first Edgars store on 6 September 1929 on Joubert Street in Johannesburg. The store was established by Sydney Press and became the foundation of a retail business that would eventually develop into one of South Africa’s largest clothing, footwear and textile groups. The company expanded its store network within South Africa and began international expansion in the late 1960s, opening stores in Botswana, Lesotho and the territory then called Swaziland, now Eswatini. The business was listed on the Johannesburg Stock Exchange in 1949. In 1982, the company, still operating under the Edgars name, was acquired by South African Breweries. During the following decades, it broadened its retail portfolio beyond the original department-store model. Edcon launched the Red Square chain in 1996, acquired the stationery retailer CNA for R130 million in 2002 and bought the Boardmans homeware business for R94 million in 2004. These transactions gave the group exposure to stationery, homeware and additional specialty retail categories. A major ownership change occurred in 2007, when Bain Capital completed a private-equity transaction that delisted Edcon from the Johannesburg Stock Exchange. The group subsequently operated a wide collection of formats, divided broadly between department stores and discount retail. Edgars served middle- and upper-income markets, while Jet and associated formats focused on more price-sensitive shoppers. Other brands and formats included CNA, Boardmans, Red Square, Prato, Temptations, Jet Mart, Jet Shoes and Blacksnow. Some of these businesses were later closed or disposed of. By 2014, Edcon was reported to have more than 1,400 stores across South Africa, Botswana, Namibia, Eswatini, Lesotho, Ghana, Zimbabwe and Zambia. Its financial-services arm also offered credit facilities and related products to the group’s customer base. However, the company faced increasing pressure from imported low-cost clothing, changing shopping habits, online retail and the cost of maintaining a large leased-store footprint. A succession of chief executives and continuing loss of market share compounded the financial strain. In 2016, Edcon’s net debt was reported at R24.7 billion. Lenders temporarily took control and the group began implementing a recovery programme. The plan included substantial store closures; by 2018, 253 stores had reportedly been closed, while reported net debt had fallen to R4.2 billion in 2017. Edcon announced in 2018 that it would close Boardmans and La Senza. Grant Pattison became chief executive in January 2018. The group’s financial problems became more acute in 2020. During South Africa’s COVID-19 lockdown, stores were unable to trade normally, and Edcon stopped paying rent at some retail locations while seeking concessions from landlords. The company entered business rescue, with thousands of jobs directly at risk and wider employment consequences for suppliers and related businesses. The rescue process resulted in the sale of the principal divisions rather than the preservation of Edcon as an integrated group. On 8 September 2020, the Competition Tribunal approved Retailability’s acquisition of Edgars and The Foschini Group’s acquisition of Jet. CNA was sold separately to a Mauritian holding company. These transactions ended Edcon’s role as the parent of its principal retail chains and left the surviving brands under new ownership.
- 2020
Business rescue and division sales
[1]Edcon entered business rescue during the COVID-19 crisis, followed by approved sales of Edgars to Retailability and Jet to The Foschini Group.
- 2018
Store closures and portfolio reduction
[1]The group had closed 253 stores by this period and announced the closure of Boardmans and La Senza.
- 2016
Debt restructuring begins
[1]Reported net debt reached R24.7 billion, and lenders temporarily assumed control while a recovery plan was pursued.
- 2007
Bain Capital transaction delists Edcon
[1]A Bain Capital private-equity deal took Edcon private and removed it from the Johannesburg Stock Exchange.
- 2004
Boardmans acquired
[1]Edcon acquired homeware retailer Boardmans for R94 million.
- 2002
CNA acquired
[1]Edcon acquired stationery retailer CNA for R130 million.
- 1996
Red Square launched
[1]Edcon expanded its specialty retail portfolio by launching the Red Square chain.
- 1982
Acquisition by South African Breweries
[1]The company, then known as Edgars, was acquired by South African Breweries.
- 1966
Regional expansion begins
[1]Edcon began opening stores outside South Africa, including operations in Botswana, Lesotho and Swaziland during the late 1960s.
- 1949
Edgars is listed on the Johannesburg Stock Exchange
[1]The company became a listed South African retailer.
Products and positioning
Multi-format southern African retailer spanning middle- and upper-income department stores and middle- and lower-income discount retail.
Department store · 1929
Edgars
Edgars was Edcon’s principal department-store chain and the business from which the group developed. It sold apparel, footwear, beauty products, accessories and selected household merchandise, serving mainly middle- and upper-income customers. At the time of the 2020 rescue process, the division included a large regional store network. The Competition Tribunal approved its sale to Retailability, after which it ceased to be an Edcon-owned division.
Discount fashion retail
Jet
Jet was Edcon’s major discount-retail chain, focused on affordable clothing, footwear and related merchandise. It served middle- and lower-income shoppers and operated in several southern African markets. Related formats included Jet Mart and Jet Shoes. The Jet business was sold to The Foschini Group after Competition Tribunal approval in 2020.
Stationery and general merchandise
CNA
CNA was a stationery and general-merchandise retailer acquired by Edcon in 2002. Its assortment included stationery and related consumer products, complementing Edcon’s clothing and department-store operations. CNA was subsequently sold during Edcon’s business-rescue process to a Mauritian holding company.
Homeware · 2004
Boardmans
Boardmans was a homeware retailer acquired by Edcon in 2004. It broadened the group beyond apparel into household goods and furnishings. Edcon later announced the closure of the format in 2018 as part of its effort to reduce its retail footprint and simplify the portfolio.
Specialty retail · 1996
Red Square
Red Square was a specialty retail chain launched by Edcon in 1996. It formed part of the group’s department-store-side portfolio, although the available reference material does not specify its complete product assortment or later operating status.
Consumer finance
Edcon Financial Services
Edcon Financial Services provided customer credit facilities and other financial-services products linked to the group’s retail operations. It supported the purchasing relationship between Edcon and its reported base of more than four million cardholders.
Marketing campaigns
- 2017Revitalised thank U customer reward programme
South Africa
Edcon was reported to have refreshed its thank U customer-rewards programme in an effort to strengthen customer engagement and loyalty across its retail operations.
Outcome. The available reference material does not document a measurable commercial outcome.
Brand decisions
2020
Entry into business rescueStrategyBackground
COVID-19 lockdown restrictions disrupted retail trading while Edcon was already carrying significant financial and rental pressure.
Action taken
Edcon filed for business rescue and sought to preserve value through the sale or restructuring of its operating divisions.
Aftermath
The process resulted in Edgars being sold to Retailability, Jet being sold to The Foschini Group and CNA being sold separately. Edcon ceased to operate as the integrated parent of these businesses.
2018
Closure of Boardmans and La SenzaStrategyBackground
Edcon was attempting to reduce its store footprint and address financial pressure associated with its portfolio and leased retail space.
Action taken
The group announced that the Boardmans homeware and La Senza businesses would close.
Aftermath
The closures formed part of a broader restructuring that also included extensive store reductions.
2007
Edcon taken private by Bain CapitalM&ABackground
The retail group pursued a private-equity ownership transaction after years as a listed company.
Action taken
Bain Capital completed the acquisition and Edcon was delisted from the Johannesburg Stock Exchange.
Aftermath
The company continued operating as a private group but later experienced substantial debt, market-share and store-footprint problems.
Recent events
Reported
Edcon files for administration[2]
Edcon Holdings filed for administration after losing R2 billion in sales and failing to pay suppliers as a result of South Africa's lockdown. The company said it would work with business rescue practitioners, shareholders and government to address its financial shortfall.
Reported
Edgars closes Rosebank Mall store[3]
Edcon shut the underperforming Edgars store at Rosebank Mall. Edgars' chief executive said the store's lease expired on 30 September 2019; non-management employees were accommodated at other stores in the Edgars division.
Sources3 sources
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