South Africa’s Massmart Holdings has indicated that it is in talks over its intention of closing 34 stores, which could lead to the loss of up to 1,440 jobs.
Massmart Holdings owns stores including Game, Makro, Builders Warehouse, Dion Wired, Jumbo and Liquorland. US retail giant Walmart is the company’s majority shareholder.
According to the company, a “store optimisation project that highlighted a number of underperforming stores” is the reason for the potential closures.
Massmart has been in trouble for some time.
It said in February 2019 its headline earnings fell 31.7% to R901.2 million in the 52 weeks to December 30.
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