Edcon media statement:
TFG is home to a comprehensive portfolio of 29 retail brands that trade in clothing, footwear, jewellery, sportswear, homeware, cell phones, and technology products from value to upper market segments in more than 4085 outlets across 32 countries.
The business rescue practitioners commented: “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 4800 jobs and the transfer of about 382 stores in South Africa.”
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Additionally, the practitioners stated that, “Jet’s vast footprint and brand recognition within the South African market will enable it to be part of a strategic asset to the TFG group thereby creating a robust platform for retail innovation and growth. Bringing together these two iconic brands will result in long-term value creation potential while preserving the heritage of the Jet brand as a leading value retailer.”
The business rescue practitioners concluded by stating that, “It is pleasing that together with the management team and in close collaboration with TFG, we could conclude the transaction within two months of the announcement of the sale. Our determined efforts were directed to managing the interests of all stakeholders, including landlords and suppliers who will continue to have a measure of stability through this deal.”
The parties will now focus on the finalisation of agreements for the rest of Africa.
