ROB ROSE: Inside the battle for Jet
Edcon’s business rescue has been a fraught process – not least as questions arise over why a higher bid for Jet than TFG’s R480m was buried
23 July 2020 - 05:00
On the face of it, the business rescue of Edcon seems to be a thumping success. In recent weeks, about 100 Edgars stores have been bought by private equity group Retailability for an amount estimated to be about R400m, while 371 stores of low-cost chain Jet have been sold to TFG for R480m.
The deals, strung together by business rescue practitioners (BRPs) Piers Marsden and Lance Schapiro, have saved at least 450 stores and thousands of jobs, and raised nearly R900m. Which is miles better than liquidation...
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