Edcon is pleased to announce that further to its media release dated 6th July 2020, the company has signed the Sale and Purchase Agreement for the sale of parts of Edgars to Retailability Pty (Ltd). Retailability is a retail fashion holding company of retail brands including Legit, Beaver Canoe, and Style, operating in over 460 stores across South Africa, Namibia, Botswana, Lesotho, and eSwatini.
The Business Rescue Practitioners commented, “We are pleased that we have taken a step closer to closing this sales transaction, which not only indicates confidence in the Edgars business but augments Retailability’s already blue-chip level of retail expertise. The signing of the Sale and Purchase 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 closing of the transaction is targeted for September 2020 and is still subject to various conditions precedent and regulatory approvals, including the Competition Authorities. The parties will now move to work on preparing the signing of the Sale and Purchase Agreements for the Edgars business conducted in the rest of Africa.