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Suddenly, they were trum ped
by Pepkor, the largest retailer in
South Africa, which promised an
initial investment more than
three times that of the Weisfelds
and an eventual offer of $56.2
million for a 63 percent stake in
the company.
To the shock and dismay of
the Weisfelds, the Brown and
Jackson
board quickly switched alle-
giances and supported the Pep-
kor offer.
But the Weisfelds are not go-
ing down without a fight. They
have been battling to convince
the board to honor what they
consider was a commitment to
their original offer.
The British business press
seems amused by the struggle.
"The sight of two wealthy in-
vestors scrapping over the right
to rescue one of the lamest ducks
in the retailing world is enough
to make any investor throw his
ideas about fundamental value
out of the window," wrote the
Times of London.
The Weisfelds argued that their
expertise in discount marketing
was just as valuable as the money
that Pepkor would bring in.
"We were the only ones bid-
ding on this company when it
was in real trouble," Mr. Weis-
feld said. "We have always felt
that it's not just money at stake."
The couple — he is 54 and she
is 55 — became a team relative-
ly late in life. Mr. Weisfeld grew
up in London's East End, left
school early, and started work-
ing in the family retailing busi-
ness when he was 15.
He married, fathered three
children, divorced and eventual-
ly moved to make his home in
Scotland. He met his future wife
when she took a job in his shop.
She had also worked her en-
tire adult life in retail and was
divorced with two children after
being married for 11 years.
For a full six years of working
together, there was no romance
between them. Then suddenly,
it bloomed.
The two clearly complement
each other.
"Gerald is the property man,"
Mrs. Weisfeld said. "He finds the
right property at the right price.
And he is a top-class buyer; he
was raised in the business and
knows about merchandise."
Mr. Weisfeld chimed in: "Vera
opens the stores, trains the staff;
essentially what she does is re-
ally create an internal school for
retailing."
The couple, who began life
modestly, clearly enjoy their cur-
rent lifestyle.
The public doesn't exactly
need to shed tears for them if
their bid is ultimately rejected,
Mrs. Weisfeld said.
`They can say, Those poor We-
isfelds, now they are going to be
stuck in that house in the south
of France,"' she laughed.

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