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Johannesburg - The Ellerine furniture arm of the failed African Bank Investments (Abil) was in talks to sell two more brand names, Wetherlys and Geen & Richards, its business rescue administrator said on Thursday.
The retailer, with debts adding up to around R1.3bn was forced into business rescue, which allows for temporary protection from creditors, after Abil cut funding last year.
"We are in the process of selling the brand names," said Les Matuson, one of the administrators in charge of Ellerine's business rescue.
He declined to disclose the amounts involved.
Stores outside South Africa
Shoprite last month received competition authorities' nod to take up the leases of the high-end Wetherlys stores.
Ellerines already has approval to sell about 63 stores of its Beares brand to Lewis Group for R93m and also has the go-ahead to dispose of Dial-a-Bed to Coricraft.
It also has a R400m indicative offer for stores outside South Africa, which Matuson said was from a listed South African retailer.
Other Ellerines brands include Ellerines stores and Furniture City.
