July 13, 2020 / 8:07 AM / a month ago

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

July 13 (Reuters) - The Foschini Group 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) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)

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