The Foschini Group submitted an offer to acquire certain commercially viable stores and selected assets of JET. They put R480 million on the table.

“The Proposed Transaction enables TFG to acquire selected parts of the JET business, a unique opportunity which previously was not possible and is expected to give TFG significant scale at an attractive price,” TFG said.

“The Proposed Transaction will also include the transfer of selected key executives and staff of JET to ensure sufficient management capacity and continuity to deliver on the current turnaround plan for JET and discussions are well advanced in terms of a proposed transition plan.”

Edcon last week said they had reached an agreement with Retailability to sell parts of Edgars to it.