Edcon finalises Edgars sale
Edcon has announced that the sale of parts of the Edgars business in SA to Retailability (Pty) Ltd has been implemented, with all approvals from regulatory authorities and all conditions precedent either fulfilled or waived.
The sale includes the transfer of about 120 SA stores in SA together with the businesses, it said in a statement on the BizNews site.
Retailability – a fashion retailer and a holding company of store brands including Legit, Beaver Canoe and Style – operates in more than 460 stores across SA, Namibia, Botswana, Lesotho and eSwatini.
The business rescue practitioners commented: ‘We are pleased that we were able to close the transaction within two months after the announcement. We are pleased by the significant saving of approximately 5 200 jobs as well as the continued commitment to the retail industry, economy and the sustainability of the South African Edgars brand’.
The parties will continue to co-operate and work towards concluding the sale of Edgars’ businesses in other various jurisdictions in Africa (namely Botswana, eSwatini, Lesotho and Namibia), where various regulatory approvals and conditions precedent remain outstanding.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
