Massmart Move To Retrench 1500 Workers

Reading Time: 1 minute

More Job Losses at Massmart

Massmart, who are owned by Walmart, have announced that they intend to close several stores and will be retrenching around 1500 workers.

The hardest hit will be 23 Dion Wired stores and 11 Masscash stores (which includes Cambridge Foods and Jumbo Cash & Carry.

Cutting Off A Limb To Save The Body?

Though the news is obviously bad for those who face job losses, shareholders and investors see the move as a positive one to help focus on the areas of the business that are performing. As a result share prices actually went up by5% when the announcement was made.

If you face a job loss remember that most forms of credit carry insurance that will cover the minimum installment on your debts for several months. This can help you focus on caring for your basic needs while looking for work. You will however have to lodge a claim against the insurance and show that you have been retrenched.