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Edcon Holdings signs purchase agreement to sell parts of Edgars to Retailability
The sale of its Edgars brand to rival Retailability, will result in the saving of a number of jobs.
Edcon Holdings has signed a purchase agreement that will see it sell parts of Edgars to rival Retailability.
According to Edcon’s business rescue practitioners, the agreement is a positive step forward in meeting the objectives of the Edcon business rescue plan which, when successfully concluded, will result in the saving of a significant number of jobs and the continuation of a “great iconic Edgars brand”.
The transaction is expected to close in September and is still subject to various conditions precedent and regulatory approvals, including the competition authorities.
Retailability is a retail fashion holding company of brands including Legit, Beaver Canoe, and Style, operating in over 460 stores across South Africa, Namibia, Botswana, Lesotho, and eSwatini.
