The story of Edgars' struggles, which have been going for close on a decade, if not longer, has been one of the most intriguing of corporate tales. When it was bought out by US private equity firm Bain Capital, Edgars seemed on top of the world - investors loved the share and its growth story led by American CEO Steve Ross.But the purchase of the fashion retailer hasn't proved the success it once promised. Bain bought at the top of the cycle and at the peak of Edgars' powers. Since then the retailer has deteriorated, no longer holding pride of place in malls and in the more trendy streets in cities.A department-store chain that's been part of the South African story for close to a century no longer attracts star billing and worryingly points to a repeat of John Orr's disappearance. Shopping habits have changed dramatically over the years.story_article_left1During Ross's tenure, there was a Chinese textile manufacturing boom, with goods streaming out at costs no one else could match.A friend who worked at Edgars in the 12 years that Ross and his team led the retailer said they were perhaps the biggest beneficiary of the cheap goods. Having the fattest wallet in the game was a key advantage.I can't argue with the success of the strategy. By keeping costs low by bringing in cheap Chinese goods, Ross managed to "quadruple" annual sales to R22-billion and grew the store base by 500 by the time he left in 2012.But buying in bulk has its disadvantages and, although I'm not a specialist in the fashion world, I'd suspect it to be near suicidal in this fast-changing world.If your buyers misjudge a season by choosing a colour that doesn't quite catch on that winter or summer, an entire season of clothes could be taking up space on shelves, instead of in shopping bags.Even I can tell that Edcon's flagship chain, Edgars, has missed the boat on more than a few occasions. It takes about six weeks to ship goods from China; there are only 12 weeks in a season. Buying the T-shirt or scarf not being worn by Rihanna or Beyoncé is disastrous.It's no wonder Edgars stores introduced international brands such as Diesel, but it was an emergency plan that failed. It served only to muddy just what the Edgars brand is about.Big department-type chains such as Edgars and Macy's in the US face the same problems - then add e-commerce to the mix. They are in desperate need of reinvention.story_article_right2But reinvention comes with investment and doing away with a cost-cutting focus, symbolic of any private equity play. With its crippling debt as a result of Bain's acquisition, Edgars has simply not been in a position to reimagine its future.It's been stuck with an old recipe. I imagine that Pick n Pay was in the same trap until a few years ago. Its reinvestment efforts were inhibited by its dividend policy more than debt.With news that a final solution to Edcon's debt issue is imminent, maybe, just maybe, we can start thinking of a new Edgars. No matter how skilled or revered a CEO, turning around a company without solving its debt burden is near impossible.Analyst Syd Vianello argues that the logical step is to convert debt to equity. "The company cannot afford to service the debt. The bondholders have almost no choice in the matter - if they don't [agree] they will walk away with very little as the business will be forced into business rescue."It's the only way for the retailer to even start thinking of reinvention. The state of the economy isn't going to help speed up debt repayments.E-mail derbyr@sundaytimes.co.za or find him on Twitter @ronderby..