In 2016,
Steinhoff bought Tekkie Town from founder Braam Van Huyssteen for R3.2bn – paying with Steinhoff shares which imploded the following year. This week, Tekkie Town’s former owners launched an urgent application for the liquidation of the disgraced retailer. Bernard Mostert, the former Chief Executive of Tekkie Town, joined the BizNews Power Hour to chat to BizNews founder Alec Hogg about this recent development. Mostert, who maintains that both he and Van Huyssteen ‘judge the act, not the man’, stated that Tekkie Town ‘is marching towards its day in court’. – Nadya Swart
Bernard Mostert on the chances that Tekkie Town’s urgent application for the liquidation of Steinhoff will be successful:
MONEYWEB
app instead?
Acquisition from the Pepkor Speciality division gets Competition Tribunal approval. 00:01
Open:
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.
Tribunal approves Blue Falcon, John Craig merger: 422 jobs saved
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422 jobs will be saved as a result of the large merger whereby Blue Falcon 188 Trading (Pty) Ltd (“Blue Falcon”) will acquire certain portions and assets of the “John Craig” Business, a Division of Pepkor Speciality (Pty) Ltd (“the transferring business”).
Commission recommends transaction by Blue Falcon to acquire Target
By Sandile Mchunu
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DURBAN - THE COMPETITION Commission yesterday put a recommendation to the Competition Tribunal to conditionally approve the proposed transaction whereby Blue Falcon intends to acquire the Target Business.
The commission said the transaction was unlikely to result in a substantial prevention or lessening of competition in any relevant markets. However, the commission recommended that the proposed transaction be approved with certain conditions attached to remedy public interest concerns likely to arise from the merger.
“Blue Falcon shall not retrench any employees in South Africa as a result of the merger for a period of 24 months from the implementation date,” the commission said.
Tekkie Town ownership battle set to drag on for longer
By Sandile Mchunu
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DURBAN - PEPKOR Holdings and former Tekkie Town executives continue to fight for control of the branded footwear, apparel and accessories retailer, with no end in sight just yet.
This week both parties claimed victories after the Western Cape High Court ruled on Wednesday that it could not find whether Pepkor Holdings and Pepkor Speciality had “actual knowledge of the misrepresentations or reckless conduct” by Steinhoff International when the troubled retailer acquired Tekkie Town shares from the former executives in 2016.
Pepkor Holdings is a Steinhoff subsidiary and it was listed separately on JSE in September 2017 as Steinhoff Africa Retail.