TFG CEO on the decision to buy Jet Stores from Edcon

The Foschini Group has put in an offer to acquire 371 Jet Stores, from Edcon, in a deal worth R480 million. In April, Edcon filed for voluntary business rescue, as it faced a distressed balance sheet. Meanwhile, on its trading update, TFG has reported a consolidated retail turnover decline of 43 per cent for the three months ended 27 June, due to the COVID-19 Lockdowns in SA, the UK and Australia. Anthony Thunström, Group Chief Executive Officer, The Foschini Group joins CNBC Africa for more.

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