South Africa’s Massmart could cut over 1,400 jobs

Employees work at the checkout counters of a Walmart store in Secaucus, New Jersey, November 11, 2015. [REUTERS/Lucas Jackson/File Photo]

South Africa’s Massmart Holdings could cut up to 1,440 jobs under a plan to close some stores, the retailer said on Monday as it struggles to grow sales in a tough economy.

Massmart, majority owned by US retail giant Walmart, swung to its first half-year trading loss in two decades last August, as low growth, high unemployment and a rising cost of living hurt South Africans’ spending power.