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Foschini offers to buy Jet from Edcon

13 July 2020 7:34 PM
Tags:
The Money Show
Bruce Whitfield
Edcon
Jet
Style
TFG
foschini
36ONE Asset Management
The Foschini Group
Evan Walker
Retailability
Legit
Beaver Canoe
Edcon business rescue
JET Club

The Foschini Group is offering to buy 371 JET stores. The Money Show's Bruce Whitfield interviews portfolio manager Evan Walker.

The Foschini Group (TFG) is offering Edcon R480 million for 371 JET stores it considers to be viable.

The suggested deal includes JET’s distribution centre and some stores in Botswana, Lesotho, Namibia and Eswatini.

TFG is also hoping to buy JET Club and all JET stock for R800 million.

Last week Edcon announced the sale of parts of Edgars to Retailability, rival owner of Legit, Beaver Canoe and Style.

Edcon announced going into business rescue in April.

Its business rescue practitioners concluded last month that an “accelerated sale” of some of its brands remains the only way for it to stay alive.


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Arabile Gumede (in for The Money Show’s Bruce Whitfield) asked Evan Walker (a portfolio manager at 36ONE Asset Management) why TFG is looking at buying JET.

It seems like a very, very good acquisition for them. It’s an opportune time… They were able to pick the stores they wanted… TFG has quite an aggressive management team…

Evan Walker, portfolio manager - 36ONE Asset Management

It’s a business that will fit very well…

Evan Walker, portfolio manager - 36ONE Asset Management

Every job is sacrosanct…

Evan Walker, portfolio manager - 36ONE Asset Management

Listen to the interview in the audio below.


13 July 2020 7:34 PM
Tags:
The Money Show
Bruce Whitfield
Edcon
Jet
Style
TFG
foschini
36ONE Asset Management
The Foschini Group
Evan Walker
Retailability
Legit
Beaver Canoe
Edcon business rescue
JET Club

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