Administrators reject Foschini challenge on Joules sale

Administrators from Interpath Advisory have rebuked a challenge by The Foschini Group (TFG), which owns high street retailers Phase Eight, Hobbs and Whistles, of their decision to sell collapsed retailer Joules to Next. According to the administrators, TFG were granted a period of exclusivity in which they had the opportunity to conclude a transaction, but were unable to do so within this timeframe, leading to a “materially better offer” being received from Next.

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