(Provides CEO quote, context) JOHANNESBURG, Feb 4 (Reuters) - South African retail group Edcon
(Provides CEO quote, context)
JOHANNESBURG, Feb 4 (Reuters) – South African retail group
Edcon mentioned on Tuesday it was promoting stationery enterprise CNA to
a consortium majority owned by Astoria Investments .
The sale, which is topic to regulatory approvals, includes
167 CNA shops in addition to all manufacturers and emblems, Edcon mentioned
in a press release, with out giving any extra particulars on the
transaction.
“As I’ve at all times mentioned, CNA is a crucial however not a
strategic a part of the Edcon enterprise, as it’s not centered on
clothes, magnificence and residential classes, and we’d solely promote if
it is good for CNA,” Edcon CEO Grant Pattison mentioned.
“The brand new house owners have the muscle and in depth administration
focus and management experience to spend money on the enterprise.”
Astoria operates from Mauritius and has small stakes in
corporations together with Admiral Group Alphabet Inc ,
Johnson & Johnson and Residence Depot .
Edcon, which owns division chain Edgars and clothes
retailer Jet, is in the course of a turnaround plan, having
secured 2.7 billion rand ($183 million) in money and hire
deductions as a part of a plan to recapitalise the
group.[nL5N20O4SA]
The turnaround plan additionally entails closing non-performing
shops, lowering retailer house, rebranding Edgars’ magnificence shops
and merging its dwelling shops with Edgars.
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