A clothing retailer in South Africa owned by private equity firm Bain Capital Partners experienced sales losses due to its revamping operations. Edcon Holdings Pty Ltd experienced a net loss valued at ZAR 714 million or USD 69 million as the remodeling projects disrupted operations, which in turn, caused sales to drop. The posted loss covered three months until June this year. The sales decrease was also wider than the ZAR 214 million loss the clothing retailer posted in the same period last year.

The Bain Capital subsidiary, however, remained optimistic. In a statement, Edcon Holdings said, "In the Edgars division, the implementation of the second phase of the 72-store refurbishment program is well under way. The heavy build element of this program negatively affects results, but initial numbers from the first 16 stores completed during June are promising and the work is still on track to be substantially completed before the beginning of the Christmas trading period."

Edcon Holdings owns and operates Edgars, Jet, CAN, Boardmans and Red Square stores.