Retailability to acquire a stake in Edgars from Edcon.

Retailability, a South African based group of retail brands, agreed to acquire a stake in Edgars, a South African clothing retailer, from Edcon, a non-food retailer. Financial terms were not disclosed. The transaction will be subject to various conditions precedent and regulatory approvals, including the Competition Authorities. “This significant step will not only save a significant number of jobs, but importantly, will lead to the sustainability of a proudly South African iconic brand, whose continuity would serve the greater economy. The details of the transaction will be finalised on the signing of definitive agreements and the fulfilment of the various conditions precedent," Edcon.