Aug 20, 2020, 07:00 EST
Bronx, United States, Aug 20, 2020, 07:00 /Comserve / -- South African retailer TFG has concluded an agreement to purchase select assets of budget clothes retailer Jet. TFG will buy these assets from the administrators of rival Edcon and is expected to meet all conditions by September end.
JOHANNESBURG, 17, Aug. 2020 - South African retailer TFG has concluded an agreement to purchase select assets of budget clothes retailer Jet. TFG will buy these assets from the administrators of rival Edcon and is expected to meet all conditions by September end.
Also known as The Foschini Group, TFG had announced in July that it will buy 371 stores and some assets of Jet for 480 million Rand (USD 27.56 million). This was in order to expand into the budget clothes market which is a segment in which it is not a major player.
TFG now announced that it has reached an agreement for assets in South Africa, where most of the stores they are buying are located. Similar agreements are expected to be finalized shortly for stores in Namibia, Lesotho, Botswana, and the Kingdom of eSwatini.
TFG already owns 29 retail brands that cover accessories, sporting apparel, jewelry, fashion, cellular, homeware, and furniture. They said that Edcon’s administrators have accepted the terms of their cash conditional offer.
TFG, in a statement, said that this acquisition allows them to establish a valued retail pillar that would be costly and difficult to replicate organically.
Edcon also owns a 91-year-old department store chain Edgars which had applied for bankruptcy protection in April. This was mainly to try and salvage parts of a group that has been a part of South African shopping streets for almost a century but failed to craft an effective e-commerce strategy and compete with international brands such as Sweden’s H&M.
The Foschini Group has 4083 trading outlets in 32 countries on five continents. They employ 29,776 people with an average fashion retail experience of 19+ years among executive management. The company’s most targeted sectors include retail and apparel/textiles. It witnessed 17% compound annual growth rate in turnover and 9.2% compound growth rate in headline earnings per share over five years.
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