Business Report has revealed that the Foschini Group (TFG) is set to buy 371 JET Stores From the distressed Edgars Group, for R480 Million.
TFG CEO, Anthony Thunstrom, told investors that Edcon ‘s rescue practitioners have accepted its conditional offer to acquire the stores.
The deal is subject to customary conditions including renegotiation of leases.
Key Executives and staff will also be transferred to ensure management capacity.
Founded in 1976, JET competes with PEP, Ackermans and Mr Price.
Please read the full story in Tuesday ‘s Business Report.