Commission approves Lewis-Beares merger

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The Competition Commission has approved the acquisition of the Beares brand by Lewis Stores with conditions.

Beares, currently a division of Ellerine Furnishers and an indirect subsidiary of African Bank Investments Limited (ABIL), is a furniture retailer.

The Commission has recommended to the Competition Tribunal to approve the transaction between Lewis and Beares on condition that no employees are retrenched as a result of the merger, and that job opportunities are offered to employees that have been retrenched by Ellerines.

(WATCH VIDEO: The doom & gloom of Ellerines)

The transaction will see Lewis acquire 63 Beares stores that have been identified as viable by the business rescue practitioners. About 393 jobs will also be saved.

This comes after [DATA ABL:African Bank Investments LTD.] was placed under curatorship on the 10 August 2014 due to financial troubles.

The Commission has also approved a similar transaction between furniture manufacturer Coricraft and Dial-a-Bed, a subsidiary of Ellerine. 

(READ MORE: Coricraft to go ahead with Dial-a-Bed acquisition)