Massmart-owned electronics retailer DionWired is gone. The troubled Walmart-owned retail group said on Thursday that all DionWired stores will cease trading at 6pm on 19 March.
South African companies have announced plans to cut more than 10 000 jobs less than three months into 2020 with electronics company Ellies the latest to start the process of reducing its headcount
Although yet to recover from Edcon’s woes and downsizing, South Africa’s shopping centre landlords are set to face even more intense rental negotiations with other major retailers.
Less than a month into 2020, South African companies have already announced thousands of job cuts. In a country where a third of the labour force is already unemployed, this will put even more strain on economic growth.
Less than a month into 2020, retrenchments, the trimming of workforces and restructuring talks are dominating the news.
Massmart plans to close the 23-store DionWired chain of hi-tech appliance shops as well as 11 Masscash wholesale outlets, a spokesman said by phone on Monday.
Retail group Massmart Group, whose assets include Makro, Game and DionWired, warned on Monday that it’s likely to close a range of stores affecting the jobs of nearly 1 500 employees.
Massmart will have to take a long, hard look at its embattled Massdiscounters division to turn the group’s fortunes around, and this should include a rationalisation of its Game and DionWired stores.
An exodus of CEOs during the economic downturn is becoming alarming, particularly as there are apparently so few ready replacements.
More than three in four South Africans who were asked for a bribe ended up paying one, according to a survey conducted by the Ethics Institute of South Africa. The average traffic bribe costs around R200, it found, while most bribes were