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Shoprite in talks about Ellerine leases

Johannesburg - Ellerine, a unit of failed African Bank [JSE:ABL], is in talks with Shoprite [JSE:SHP] to take up some of its leases, the administrator of the furniture seller said on Thursday.

Ellerine owes creditors around R1.3bn and was forced into business rescue in August after its parent company cut off funding.

"I can confirm we are in discussions with them and other parties who are interested in possibly taking up other leases," said administrator Leslie Matuson.

Ellerine has received a R400m indicative offer for its nearly 80 stores outside South Africa and has the competition watchdog's preliminary approval to dispose of 63 stores of its Beares brand to Lewis Group for $8m.

The Competition Commission has also given a nod to the acquisition of Dial-a-Bed by Coricraft.

Other Ellerine brands include Ellerines stores, Furniture City, Geen & Richards and Wetherlys.

READ:
Creditors want Ellerine wind-down
           What went wrong at Ellerine
           Ellerine receives offer for Africa business

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