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Edcon media statement:
Edcon is pleased to announce that the Competition Tribunal has approved the sale of parts of Edgars to Retailability (Pty) Ltd, subject to certain employment-related conditions. Retailability, a fashion retailer and a holding company of store brands including Legit, Beaver Canoe, and Style, operates in over 460 stores across South Africa, Namibia, Botswana, Lesotho, and eSwatini. Through this sale, Retailability plans to utilise Edgars’ unique value proposition and large attractive target market, to ensure the growth and continuity of a proudly South African Edgars brand.
The approval by the Competition Tribunal confirms the successful progress of the business rescue plan, which includes the sale of up to 131 Edgars stores and the saving of approximately 5,200 jobs in the Edgars Business. The parties will now work on closing various conditions precedents and on finalising the transaction for the rest of Africa.
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