Competition Tribunal approves sale of Edcon’s assets to Footgear
JOHANNESBURG – The competition Tribunal yesterday approved the sale of some of struggling retailer Edcon’s assets to Footgear without any conditions.
The tribunal gave a thumbs-up to offloading of Edgars Active and High Key brands to upcoming fashion retailer Footgear -a subsidiary of Old Mutual Private Equity (OMPE) – for an undisclosed amount.
The transaction paved the way for Edcon to complete its restructuring.
It would also give Footgear a nationwide footprint with more than 200 stores and an edge over struggling Tekkie Town, the footwear retailer hamstrung by ownership agreements relating to the infamous Steinhoff group.
Edcon chief executive Grant Pattison said the sale would afford the group an opportunity to focus on fixing the business and implementing its survival plan, which might include closing a third of its stores in the next two years.
Source: iol.co.za
