TFG closes the credit taps
The retailer is taking a much more conservative approach to applications as it waits for load-shedding to abate
It’s credit crunch time at TFG, the owner of brands such as Foschini, @home, Sportscene and Jet.
The group approved only 17% of applications for store credit cards in the six months to end-September, despite receiving a record number of 2-million applications since the pandemic. Previously it would have accepted a higher proportion of these applications, it says, but has now cracked down because of rising bad debts...
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