The Foschini Group (TFG) has expressed its interest in buying certain Jet stores from Edcon.
This follows Edcon’s debt amounting to about R6-billion and the reason the retail group filed for voluntary business rescue at the end of April.
According to the Daily Maverick, TFG has made a R480-million offer to acquire at least 371 commercially viable Jet stores.
The offer has made headlines in the world of retail business as, just a month ago, TFG made it clear to their shareholders that they have no interested in acquiring any part of Edcon.
IOL has reported that TFG chief executive, Anthony Thurnström, told investors that Edcon’s business rescue practitioners had accepted its conditional offer to acquire certain commercially viable stores and selected assets of the Jet stores.
An extraordinary general meeting has been called by TFG for Thursday the 16th of July.
Credit image: EWN