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TFG expects conditions for Jet acquisition to be met by end of September

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The retailer says it has reached a sales agreement with Edcon on principally the same terms as set out in July

Foschini owner TFG says it hopes the outstanding conditions for its acquisition of Jet stores from struggling Edcon will be fulfilled by the end of September.

The group announced in July it had made a R480m bid for commercially viable Jet stores, saying on Monday it had reached a sales agreement on August 14 with Edcon’s business rescue practitioners on principally the same terms of the conditional offer. The sales agreement is still subject to a number of conditions, including approval by competition authorities, renegotiation of leases with Jet landlords, and an agreement with RCS Cards, which operates Jet’s credit book.

“Based on the positive progress to date, the parties believe that the remaining conditions precedent could be fulfilled by the end of September 2020,” the statement read.

 

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