Tag: masscash stores
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.
On Friday Edcon group announced the closure of its Rosebank Edgars store, a move that surprised following last years agreement with landlords to reduce the groups rent. Today Massmart announced that it too could be shutting down Dion Wired and Masscash stores, with 1440 jobs on the line. Is this a trend of worse to come? Investment Analyst, Chris Gilmour joins CNBC Africa from the Scottish Highlands for more.