The Pick ‘n Pay group announced that they will dismiss 10% of their staff. The decision will affect almost 3 500 workers.
The company will offer voluntary severance packages to workers to make the group more competitive in a market that experienced its first recession in eight years.
The group expects their equity earnings to fall by almost 20%.
Meanwhile, as previously reported, Stuttafords decided it was time to close its business after the first shop in Cape Town opened in 1858. Mr. Price announced in May, its first annual decline in profit for the first time in 16 years.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News