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Foschini group submitted an offer of R480 Million to buy Jet stores

Foschini swoops on Jet, a unit of troubled Edcon. Has submitted conditional offer to acquire 371 commercially viable JET stores/selected assets for R480 million cash. This also includes transfer of selected key executives and staff of JET to ensure sufficient management capacity.

The Foschini Group is buying 371 commercially viable Jet stores from Edcon after Edcon BRPs accepted TFG conditional offer at a cost of R480m. I'm glad they are taking on employees as well, albeit on a "renegotiated basis".

While most thought Mr Price was the best suitor to acquire Edcon's assets, The Foschini Group (TFG) was silently making moves to get its hands on them

Today, TFG announced its plans to buy JET for R480m. The deal has been accepted by Edcon's business rescue group but T&C's remain

Honestly some of us don't care who buys Edcon's assets. The end result we want to hear is that there won't be anymore job losses. That's all.

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Edcon Foschini Foschini Group JET Price


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