Footgear gets go-ahead to buy Edcon's footwear brands
By Siphelele Dludla - Sep 13th, 09:24
Footgear, the South African retailer of branded and non-branded footwear, on Thursday received the green light to purchase the assets and business associated with Edcon Limited’s Edgars Active and High Key brands.
The Competition Commission has recommended that the Competition Tribunal approve the proposed transaction without conditions.
The Cape Town-based footwear retailer with 63 stores announced in July it had acquired the Edgars Active and High Key chain stores for an undisclosed amount.
But the transaction was subject to conditions precedent, including regulatory approvals.
Footgear’s majority shareholder Old Mutual Private Equity is backing the deal.
Since 2018, the cash-strapped Edcon Group has closed at least 150 stores and reduced its total retail footprint to around 1 100 stores countrywide, largely under its Edgars, Jet and CNA chains.
But the group managed to secure new cash investment commitments of about R2.7 billion in March in a bid to strengthen and restore is balance sheet after swimming in debt.
Footgear is aiming to be a dominant player in the industry as it seeks to triple its store numbers with the acquisitions of Pepkor’s Tekkie Town and TFG’s Sportscene chain stores.
Edgars Active and High Key brands are active in the retailing of branded and non-branded footwear, apparel and accessories.
It comprises 116 retail stores across the continent, including 109 stores located in South Africa.IOL
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