|
Related Topics |
|
We take a look at the Stock Exchange News Service (SENS) released by Massmart Holdings in which it states that a consultation process has been initiated to discuss the group's optimization plans which could to several store closures and significant job losses.
|
|
SENS update released by Massmart
MASSMART COMMENCES CONSULTATION PROCESS IN TERMS OF SECTION 189 AND 189A OF THE LABOUR RELATIONS ACT
The Massmart Group has recently conducted a store optimisation project that highlighted a number of underperforming stores in its portfolio. Consequent to this project the Massmart Group seeks to advise shareholders that Massmart has commenced, a potential store closure consultation process in terms of section 189 and section 189A of the Labour Relations Act 66 of 1995, as amended; with organised labour and other relevant stakeholders. A total of 34 Dion-Wired and Masscash stores and approximately 1 440 employees are potentially affected by this process.
Shareholders will be advised of the outcome of the consultation process. 13 January 2020
The Massmart Group has recently conducted a store optimisation project that highlighted a number of underperforming stores in its portfolio. Consequent to this project the Massmart Group seeks to advise shareholders that Massmart has commenced, a potential store closure consultation process in terms of section 189 and section 189A of the Labour Relations Act 66 of 1995, as amended; with organised labour and other relevant stakeholders. A total of 34 Dion-Wired and Masscash stores and approximately 1 440 employees are potentially affected by this process.
Shareholders will be advised of the outcome of the consultation process. 13 January 2020
Massmart stock price history
The image below shows the share price history of Massmart over the last 5 years. And its not been a very good time for Massmart shareholders with the stock having lost 68.21% of its value over the last 5 years. But the shares were up R2.03 or 4.16% after the announcement that the group initiated a consultation process with labor and affected parties.
Massmart stock price rise on news the group might be closing various under performing stores
The summary below shows the returns provided to Massmart shareholders over various time periods:
- 1 week: -0.61%
- 1 month: -0.39
- 1 year: -56.44%
- 3 years: -59.37%
- 5 years: -68.21%