Cell C plans to shut more than half of its stores, around 128 outlets as it, Reuters reports. The mobile operator announced recently that it would retrench almost 1,000 workers.
Cell C has been struggling with its debt in recent years and, earlier this year, defaulted on a R2,7 billion loan that was due at the end of December.
The rand on a run
The rand has strengthened 1.5% so far this week, trading at R17.11/$ on Friday afternoon
The US Dollar Index fell to its lowest level since May 2018 this week as investors grew more bearish toward the currency.
The dollar began its decline in March as the virus slammed the economy and forced widespread lockdowns. The drop worsened through the summer as premature reopenings kicked off a second wave of infections. With legislators failing to agree on new fiscal stimulus and outbreaks continuing to cripple economic activity, the US currency stands to worsen compared to nations containing the virus.
Tiger Brands takes a profit hit
Tiger Brands expects its headline profit to fall by 40% over the year to end-June.The company said it suffered a poor first half, but that sales picked up over the past months.
The company saw strong volume growth, particularly in rice, pasta, Jungle (breakfast oats), groceries and home and personal care categories.
Revenue from continuing operations for the three months to June rose by 11% to R7.2 billion.
Tiger Brands chair Khotso Mokhele will step down at the end of the year, and will be replaced by Geraldine Fraser-Moleketi, a former cabinet minister.