No Retrenchments For Jet Employees After TFG Purchases Select Stores

Employees at Jet Stores can breathe a sigh of relief, after it was announced that retail giant company, The Foschini Group(TFG) has successfully acquired selected Jet Stores.

The Competition Tribunal instructed TFG not to retrench any at selected stores, during the next two years. Additional instructions further include; first preference must be allocated to former Edcon employees when looking to hire new staff.

Edcon, the company that owns giant retail store Edgars, experienced financial difficulties in April 2020, which then resulted in the company applying for bankruptcy. Other factors that heavily contributed to the financial challenges faced by Edcon, was the competition with other thriving and popular fashion stores such as H&M.

Foschini, Duesouth and Sportscene are owned by TFG. During the month of July, a 480 million bid was proposed to acquire commercially viable Jet stores, which also includes stock worth about 800 million.