Edcon Group says it has sold stationery retailer, CNA to a consortium of investors led by JSE-listed Astoria Investments.<\/p>\n
The sale will include all 167 CNA stores as well as all brands and trademarks, with the business continuing to trade under the CNA brand name.<\/p>\n
The sale, Edcon said, aligns with its broader strategy to focus on its core business through the realignment of its retail brands and operations.<\/p>\n
“Edcon has a simple business model that is focused on delivering an enhanced customer experience, and an optimized store portfolio, ultimately creating a focus on our three divisions: Edgars, Jet, and Thank U,” said Edcon chief executive Grant Pattison.<\/p>\n
“The ongoing process of consolidating, merging and rebranding of the businesses, will ensure an offering of a selected set of private and some international brands, while also being a fashion and beauty retailer that provides credit.<\/p>\n
“As I have always said, CNA is an important but not a strategic part of the Edcon business, as it is not focused on clothing, beauty and home categories, and we would only sell if it\u2019s good for CNA.”<\/p>\n
New plans<\/strong><\/p>\n Pattison said that the\u00a0new owners have ‘the muscle and extensive management focus and leadership expertise’ to invest in the business.<\/p>\n Astoria Investments said that it intends to focus CNA on the original building blocks of its founders, with books, stationery, magazines <\/strong>and gifting <\/strong>at its core.<\/p>\n The outlets will be community-focused: supporting and encouraging reading while catering for the entire stationery needs of consumers throughout South Africa.<\/p>\n “We believe that this transaction will be welcomed by staff, landlords and suppliers including publishers, both locally and internationally,” said Astoria Investments.<\/p>\n
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