Retailer Massmart has announced that it has started a consultation process that could end in the closure of as many as 34 Dion Wired and Masscash stores – affecting the jobs of over 1 400 workers.
The announcement was carried by the JSE’s SENS department.
Massmart says a consultation process over possible store closures will take place with labour unions and others.
South Africa is battling massive unemployment – currently at close to 30% – and low economic growth.
Some analysts say the President Cyril Ramaphosa administration has to move with haste to initiate structural reforms that attract foreign direct investment – among other things – to re-ignite economic growth.
Source: SABC News (sabcnews.com)