Competition Commission approves sale of Edgars stores to Retailability
The sale of the 131 stores to Retailability will save the Edgars brand and 5,200 jobs.
The Competition Commission has approved the sale of up to 131 Edgars stores to competitor Retailability in a move to save the troubled fashion retailer and approximately 5,200 jobs.
Edcon, owner of the Edgars brand, said in a statement that Retailability plans to use Edgars’s unique value proposition and its large target market to ensure the growth and the continuity of the Edgars brand.
Retailability made an offer to Edcon to acquire the Edgars stores at the start of July, and the parties signed a sales and purchase agreement in August.
According to the statement, the deal is still subject to certain employment-related conditions, and the parties will now work on closing various conditions precedents and on finalising the transaction for the rest of Africa.