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All approvals from regulatory authorities and all conditions have been met or waived.
- The sale of portions of the Edgar’s business in South Africa to Retailability has been implemented, according to Edcon’s business rescue professionals.
- In the process, approximately 5,200 jobs will be saved.
- The sale includes the transfer of approximately 120 stores in South Africa, along with business conducted within these stores.
The sale of parts of Edgars’ business in South Africa to Retailability, a critical milestone in Edcon’s business rescue plan, has been implemented, according to Edcon’s business rescue professionals.
In the process, approximately 5,200 jobs will be saved, BRP said.
All approvals from regulatory authorities and all conditions have been met or waived.
According to a statement, the sale includes the transfer of approximately 120 stores in South Africa along with the businesses that are developed there.
Retailability, a fashion retailer and holding company for store brands such as Legit, Beaver Canoe and Style, operates more than 460 stores in South Africa, Namibia, Botswana, Lesotho and eSwatini.
“The ability to sell is aimed at ensuring that ongoing operational business is its top priority, while integration work is vigorously advancing,” rescue professionals say in the statement. “We are pleased that we were able to close the transaction within two months of the announcement.”
In his view, the closing of the transaction underscores the “industry fit” and the strong compatibility between Edgars and Retailability.
“The parties will continue to cooperate and work to finalize the sale of Edgars businesses in Botswana, eSwatini, Lesotho and Namibia, where various regulatory approvals and conditions remain pending.”
