The Foschini Group (TFG) announced that it has officially bought 382 stores of the Jet business from Edcon.
The transaction includes the transfer of 382 South African Jet stores and approximately 4,800 employees.
TFG houses up to 29 retail brands, including Foschini, Sportscene, @Home, and Totalsports – trading in clothing, footwear, jewellery, sportswear, homeware, cellphones, and technology products from value to upper market segments in more than 4,085 outlets across 32 countries.
“All essential requirements are fulfilled, and conditions met with the deal taking effect on 25 September 2020. The transaction confirms a significant achievement towards delivering the Edcon business rescue plan, with the saving of approximately 4,800 jobs and the transfer of about 382 stores in South Africa,” Edcon’s business rescue practitioners said.
The parties will now focus on the finalisation of agreements for the rest of Africa. TFG hopes to acquire a total of 425 Jet stores across Southern Africa.
In related news: 5,200 retail jobs saved as Edcon concludes the sale of parts of Edgars.
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