South Africa’s Massmart to close non-performing stores

PUBLISHED: Thu, 19 Mar 2020 11:21:00 GMT
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JOHANNESBURG, March 19 (Reuters) – South African retailer Massmart said on Thursday it had decided to close all of its non-performing stores, as cash-strapped consumers battle with high unemployment, modest wage increases and higher average fuel and utility prices.

The company said management will cease trading of the affected 23 Dion Wired Stores on March 19, and will decide whether to cease trade in relation to the 11 affected non-performing Masscash stores.

(Reporting by Tanisha Heiberg; Editing by Shri Navaratnam)

This article was first published on Reuters Africa https://www.reuters.com/article/massmart-closures-idUSL8N2BC0T7 and is republished with its permission.

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