According to reports, Foschini’s R480 million bid for the Jet stores division of Edcon has been approved by the competition tribunal.

With this sale The Foschini Group (TFG) will receive an estimated R800 million worth of stock. Part of the deal is also that the group does not make any retrenchments for the next 2 years.

The Southern African Clothing & Textile Workers Union has reportedly welcomed the sale.