Retail group Edcon said on Tuesday it was selling stationery business CNA to a consortium majority owned by Astoria Investments.
The sale, which is subject to regulatory approvals, involves 167 CNA stores as well as all brands and trademarks, Edcon said in a statement, without giving any more details on the transaction.
"The new owners have the muscle and extensive management focus and leadership expertise to invest in the business." Edcon, which owns department chain Edgars and clothing retailer Jet, is in the middle of a turnaround plan, having secured 2.7 billion rand in cash and rent deductions as part of a plan to recapitalise the group.
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