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Offer to buy Jet from ailing Edcon came at just the right time, says Foschini boss

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TFG says at this stage 4855 jobs will be saved by through sale of Jet Stores.
Photo: Gallo Images/Papi Morake
TFG says at this stage 4855 jobs will be saved by through sale of Jet Stores. Photo: Gallo Images/Papi Morake

"It was very fortunate" that an opportunity arose for The Foschini Group (TFG) to buy Jet Stores from Edcon, according to Foschini's CEO Anthony Thunström.

The retail giant submitted an offer to acquire 371 commercially viable Jet stores in July for R480 million. The sale for Jet was approved by the Competition Tribunal last week.

Edcon, which owned Edgars and Jet Stores, announced in April that it would file for voluntary business rescue, after it lost out on about R2 billion in sales when it was not allowed to trade during the strict lockdown. 

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