The Foschini Group entered into an agreement with Edcon’s BRPs to buy commercially viable stores and selected assets of Jet for R480 million.
Earlier this week, the Competition Commission said all the conditions for the group’s acquisition of Jet stores in South Africa had been met. Picture: Supplied
JOHANNESBURG – Edcon’s business rescue practitioners (BRPs) said the sale of parts of Jet to the Foschini Group takes affect from Friday.
Earlier this week, the Competition Commission said all the conditions for the group’s acquisition of Jet stores in South Africa had been met.
The Foschini Group, which has over 29 retail brands, officially bought over 300 stores from the embattled retail giant.
The cash-strapped company was placed under business rescue in April after losing R2 billion during the hard lockdown earlier this year.
The Foschini Group entered into an agreement with Edcon’s BRPs to buy commercially viable stores and selected assets of Jet for R480 million.
The merger meant that at least 381 Jet stores would be retained, while about 4,800 jobs would be saved.
Under the conditions, the Foschini could not retrench employees for the next two years, and should prioritise former Edcon workers when hiring new staff
Edcon, which still remained in business rescue process, would now focus on the finalisation of its assets for the rest of Africa.
