Steinhoff’s African units to merge with Shoprite to become Retail Africa
Retail Africa will be the continent’s largest retailer with an annual turnover of R200bn, employing 186,000 people
Shoprite and the African operations of Steinhoff are to be merged into a new group called Retail Africa, major shareholders of both retailers Christo Wiese and the Public Investment Corporation (PIC) announced on Wednesday. The deal will result in Shoprite acquiring Steinhoff’s clothing chains which include Pep, Ackermans, Shoe City and Tekkie Town in exchange for shares. Shoprite will also buy the furniture and appliance retailers that Steinhoff owns via JD Group. These include Russells, Bradlows, Rochester, Incredible Connection, Hi-fi Corporation and Sleepmasters. Furthermore, Shoprite will acquire Steinhoff’s hardware chains Buco, Pennypinchers, Timbercity and Hardware Warehouse.
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