At the same time‚ the company announced the launch of a tender offer for up to €700m for its senior secured floating rate notes due in 2014‚ which are held by people not located or resident in the US.
Edcon had a 27% market share in the South African clothing and footwear market by revenue in 2012 and has been in operation for over 80 years.
Edcon Holdings Ltd‚ the parent company‚ is controlled by certain funds advised by affiliates of private equity company Bain Capital and co-investors.
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