Shoprite sells furniture stores

Shoprite Holdings has signed an agreement to allow its rival, Pepkor to acquire its furniture stores. The acquisition details were included in Shoprite’s financial results released last week. The results are for the 52 weeks ended 30 June 2024. The Citizen reports that the agreement between the two retail giants was signed on Monday. Shoprite CEO Pieter Engelbrecht said they have looked at two structural changes to the business, with the first being to dispose of Shoprite’s furniture business. This includes OK Furniture and House & Home brands. In an announcement to shareholders and noteholders of Pepkor, they are informed that they will acquire Shoprite’s furniture business, which operates more than 400 stores in SA, Botswana, Lesotho, Namibia, eSwatini and Zambia. The group recently rebranded to Pepkor Lifestyle, which operates more than 900 retail stores in SA, Botswana, Lesotho, Namibia and eSwatini. Pepkor has 50 000 employees, and an overall 5 900 stores in Africa and Brazil.

Full report in The Citizen