With over 4 500 outlets across 32 countries, The Foschini Group- also known as TFG, has confirmed that it has finalised the purchase of Jet stores.
Earlier this week, the Competition Commission said all the conditions for the group’s acquisition of Jet stores in South Africa had been met. The Foschini Group, which has over 29 retail brands, officially bought over 300 stores from the embattled retail giant.
Originally only 371 stores were scheduled to be part of the purchase agreement, but TFG CEO Anthony Thunström said on Friday this had increased due to “the support of the majority of landlords”.
“The inclusion of Jet into TFG’s fold provides us with an important expansion opportunity into the value segment in Southern Africa. Jet is a well-recognised and highly regarded brand with good leadership and well-managed stores,” Thunström said in a statement published on the Jet Facebook page.
“During these tough economic times neither tenants nor landlords want empty stores. New three-year leases will be signed for all the Jet stores that TFG is acquiring and in most instances, we have been able to negotiate favourable terms to ensure the future viability of each store. This is a sustainable solution for both TFG and the landlords,” he added.
The company is still in the process of finalising the acquisition of Jet stores in Botswana, Namibia, Lesotho and eSwatini.
TFG has 29 retail brands that trade in clothing, footwear, jewellery, sportswear, homeware, cell phones and technology products. It competes in various market segments and has more than. Among its brands are Markham, Totalsports, Sportscene, @Home, Sterns and American Swiss.
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