Shoprite to buy Ellerines’ Wetherlys - CNBC Africa

Shoprite to buy Ellerines’ Wetherlys

Southern Africa

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Shoprite wants to buy Ellerines’ Wetherlys. PHOTOS: Virtualtourist.com/Ellerines.co.za

The commission recommended to the tribunal that the acquisition of 217 leases, including the business of home furniture store, Wetherlys from Ellerines by Shoprite, be approved with conditions.

The acquisition stems from the fact that furniture retailer, Ellerines has undergone business rescue proceedings.

The practitioners believe that the sale of Ellerines’ assets, brands or divisions may yield a better outcome for the company than an immediate liquidation.

(READ MORE: African Bank’s Ellerines applies for business rescue)

The commission also imposed the condition that the remaining 308 employees of Ellerines may not be retrenched post-merger.  

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