Walmart-owned Massmart’s intention to close underperforming stores and axe almost 1,500 workers will add to SA’s highest unemployment rate on record.

The company, whose share price rose almost 5% on the news, its biggest move in a month, plans to close all 23 DionWired electronics stores and 11 Masscash stores, which sell food to lower-income earners via its outlets such as Cambridge Food and Jumbo Cash & Carry.

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