Privately-owned and South Africa-based investment firm, Pepkor, had acquired the struggling New Zealand’s clothing retailer, Postie Plus, for an undisclosed amount, it emerged on Friday.
Reuters, citing Postie’s administrators, said Pepkor had taken control of more than 64 Postie Plus outlets and its headquarters as a “going concern.”
This happens shortly after South Africa’s food and clothing retailer, Woolworths, said the shareholders of its target, David Jones, had unanimously approved for the acquisition of the Australian department store to go ahead.
As much as South African companies are looking to Africa for expansion, they are also attracted to the Asia Pacific region.
Postie Plus got to be under administration early last month when its unnamed official lender declined to back the firm financially.
Postie Plus got to be under administration early last month when its unnamed official lender declined to back the firm financially.
The firm had been losing market share rapidly in the past 24 months.
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“We believe this sale is in the best interests of all creditors and Postie Plus staff,” Reuters quoted administrator, David Bridgman, as saying.
Pepkor chairman, Christo Wiese, founded Pepkor many years ago and he is also the controlling shareholder in Shoprite, Africa’s biggest food retailer. Wiese is also among South Africa’s well-known billionaires.
Pepkor has clothing and footwear outlets all across southern Africa, Eastern Europe, and Australia, where it controls the Best & Less and Harris Scarfe chains, according to Reuters.
Postie Plus’s shares were barred from trading on the New Zealand bourse in May this year.
In April this year, Postie Plus said it owed its official bank NZ$12.1 million ($10.5 million). (VENTURES AFRICA)
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