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Acquisition from the Pepkor Speciality division gets Competition Tribunal approval. 00:01
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New owner agrees to use its âbest effortsâ to stock the struggling chain of menswear stores with labels from local manufacturers. Image: Supplied
Johannesburg-based independent specialist retail group Blue Falcon 188 Trading, which owns the popular Studio 88 chain of stores, has secured approval from competition authorities to acquire the struggling John Craig menswear chain from JSE-listed Pepkor.
The Competition Tribunal announced the approval of the transaction on Thursday, saying that the deal will see 422 jobs being saved within the John Craig business.
John Craig is a 73-year-old chain, which has been wholly owned by Pepkor since 2006. It fell under the Pepkor Speciality division in recent years, but late last year Pepkor announced plans to sell the chain amid waning formal menswear sales.