South Africa's TFG to buy some JET assets from Edcon

  • Reuters
  • Stock Market News
South Africa's TFG to buy some JET assets from Edcon
Credit: © Reuters.

July 13 (Reuters) - The Foschini Group TFGJ.J said on Monday it is set to buy some stores and selected assets of JET for R480 million ($28.69 million) from Edcon's administrators, allowing the South African retailer to expand into the apparel market.

The company also reported a retail turnover decline of 43% for the three months ended June 27, due to coronavirus-led lockdowns in South Africa, the UK and Australia.

($1 = 16.7292 rand)

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