TFG gets approval for Street Fever takeover

Cape Town, W. Cape, SA - The Tribunal has approved, subject to employment and local procurement related conditions, the proposed merger whereby Foschini Retail Group (Pty) Ltd intends to acquire the business conducted under the Street Fever business name from BMT Street Fever (Pty) Ltd.
      Post-merger, the Street Fever business will be solely controlled by Foschini, and by extension, The Foschini Group (“TFG”).
      In line with the conditions imposed by the Tribunal, for 3 years after the merger’s approval date, the merged entity will keep a record of retrenched employees and notify them of any employment opportunities that arise, taking into consideration qualifications, expertise and physical location. In addition, the merged entity will not retrench any employees as a result of the merger for a period of 3 years from the transaction’s approval date.
      On local procurement, the merged entity will replace imported apparel and footwear products with those from local manufacturers for a specified period and value. A portion of the spend must be geared towards small businesses owned by historically disadvantaged persons.
      TFG is a South African chain-store group with fashion and lifestyle retail brands offering clothing, cosmetics, jewellery, sporting apparel and equipment, cell phones, mobile technology products, homeware and furniture. TFG’s retail offering is available in-store and online. Relevant to the proposed transaction are TFG’s lifestyle fashion retail chains i.e. Totalsport, Sports Scene, Archive and Sneaker Factory.
      The target business is a South African retailer of branded lifestyle and sports-inspired “athleisure” footwear, apparel and accessories presently conducted under the business name “Street Fever”. Street Fever has stores across South Africa and its retail offering is also available online.