Pepkor buys New Zealand’s Postie Plus

Whatsapp News

Privately-owned and Africa-based investment firm, Pepkor, had acquired struggling Zealand’s clothing retailer, Postie Plus, for an undisclosed amount, emerged on .
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 Africa’s and clothing retailer, Woolworths, said shareholders of its target, David Jones, had unanimously approved for acquisition of Australian department store to go ahead.
As much as African companies are looking to Africa for expansion, they are also attracted to Asia Pacific region.
Postie Plus got to be administration early last month when its unnamed lender declined to back the firm financially.
The firm had been losing share rapidly the past 24 months.
“We believe this sale is 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 Shoprite, Africa’s biggest 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 controls the Best & Less and Harris Scarfe chains, according to Reuters.
Postie Plus’s shares were barred trading on the Zealand bourse in May this year.
In April this year, Postie Plus said owed its bank NZ$12.1 million ($10.5 million). (VENTURES AFRICA)