Foschini Group given green light to acquire Jet Stores

The investment is set to boost the local manufacturing industry which was crippled by the lockdown. Foschini

JOHANNESBURG - The Competition Tribunal has given the Foschini Group the green light to acquire Jet stores.

The Southern African Clothing & Textile Workers Union has welcomed the sale.

READ: Edgars, Jet may not reopen post lockdown

As part of the deal, the Foschini Group may not retrench workers for two years.

The group made an R480-million bid for Jet in July and it now receives stock worth R800-million.

Source
eNCA