Foschini Group makes R480m offer to buy Edcon’s ‘viable’ JET stores

The Foschini Group says it has submitted a conditional offer to acquire Edcon’s business rescue practitioners to acquire some of the stores and assets of JET.

Edcon, which owns Edgars and JET Stores, announced in late April that it would file for voluntary business rescue after the nationwide lockdown exacerbated its already dire financial position. In June, its BRPs said the only way to save the company and the jobs of its thousands of its employees was through an “accelerated sale” of its divisions to interested parties.

“Edcon’s business rescue practitioners have accepted the terms of TFG’s conditional offer. TFG has been granted exclusivity to negotiate and finalise the terms and conclude the Proposed Transaction,” wrote the fashion retailer in a statement issued on Monday morning. The BRPs announced last Tuesday they had signed an agreement to sell parts of Edgars to Retailability, another fashion retailer that owns the brands Legit, Beaver Canoe and Style.

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