TFG steps into Pepkor’s turf with bid for Jet’s 371 commercially viable stores

In a move that could cut into budget retailer Pepkor’s turf, Foschini owner TFG unveiled a R480m deal to scoop up dis-counter Jet from Edcon, one of the highest-profile corporate casualties of the Covid-19 crisis.

One of SA’s largest resellers of Adidas and Nike products said its bid for 371 commercially viable Jet stores had been conditionally accepted by business rescue practitioners at Edcon, which tumbled into a form of bankruptcy protection in April after burning through cash to cover losses related to closure of its stores during the hard lockdown announced at the end of March.