The restructuring and recapitalisation of Edcon, which owns Edgars, Jet, and CNA, has been approved.
CEO Grant Pattison said in a statement on Friday that the turn-around plan was approved by their Board.
"In response, lenders have extended waivers to allow time for the plan to be implemented. This will allow sufficient time for the number of necessary due diligence and governance processes to be completed," he said.
Pattison said confidentiality agreements prevent them from releasing further details about the restructuring and recapitalisation but added that further announcements would be made in due course.
He also called on workers not to panic, saying their jobs were safe.
