Welcome
Bankruptcy Law News

Edcon to Sell Part of Edgars to South Africa Retail Rival (2)

July 7, 2020, 1:27 PM

Edcon Holdings Ltd. agreed to sell part of South African clothing chain Edgars to a private equity-backed regional rival, potentially safeguarding a 91-year-old brand and saving thousands of jobs.

Administrators led by Lance Schapiro and Piers Marsden struck a deal with Retailability Pty Ltd., a holding company for brands Legit, Beaver Canoe and Style, which owns 460 stores across southern Africa. Details of the transaction will be finalized based on further agreements, the business-rescue team said in a statement on Tuesday.

“This is a good outcome for Edgars -- if the deal goes through -- because they might be...

To read the full article log in. To learn more about a subscription click here.