Taste Holdings to liquidate food business amid recession

JOHANNESBURG – South Africa’s Taste Holdings said on Monday it was in the process of placing its food business into voluntary liquidation after a failed attempt to offload its Domino’s Pizza business.
Taste’s move to liquidate the business comes after South Africa entered its second recession in two years in the final quarter of last year.
The company, which has been facing poor retail sales, in November said it would sell its Starbucks and Domino’s Pizza franchises in South Africa, retreating from a food industry that has been hit hard by the sluggish local economy.

Source: iol.co.za