TFG steps into Pepkor’s turf with bid for Jet’s 371 commercially viable stores

TFG steps into Pepkor’s turf with bid for Jet’s 371 commercially viable stores

2020-07-14 12:00:00 AM

TFG steps into Pepkor’s turf with bid for Jet’s 371 commercially viable stores

Group unveils a R480m deal it says has been conditionally accepted by business rescue practitioners at Edcon

Katharine Child and Karl GernetskyUPDATED13 July 2020 - 22:52In a move that could cut into budget retailer Pepkor’s turf, Foschini owner TFG unveiled a R480m deal to scoop up dis-counter Jet from Edcon, one of the highest-profile corporate casualties of the Covid-19 crisis.

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One of SA’s largest resellers of Adidas and Nike products said its bid for 371 commercially viable Jet stores had been conditionally accepted by business rescue practitioners at Edcon, which tumbled into a form of bankruptcy protection in April after burning through cash to cover losses related to closure of its stores during the hard lockdown announced at the end of March.

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TFG in R480m deal to acquire JetGroup buys minimum of 371 commercially viable stores and will also take on executives and staff

TFG in R480bn deal to buy Edcon's JetTFG reported on Monday it had submitted a conditional offer to acquire a minimum of 371 commercially viable Jet stores from Edcon for R480 million.

TFG in R480m deal to acquire JetGroup buys minimum of 371 commercially viable stores and will also take on executives and staff

TFG in R480bn deal to buy Edcon's JetTFG reported on Monday it had submitted a conditional offer to acquire a minimum of 371 commercially viable Jet stores from Edcon for R480 million.