Subscribe & Follow
#CannesLions
- The new standardCarl Willoughby
- All the South African winnersDanette Breitenbach
- Final Grande Prix and LionsDanette Breitenbach
Trending
- #Cannes2024: All the South African winnersDanette Breitenbach
Jobs
- Compliance Monitoring Officer Cape Town
- Senior Buyer - 6 Months Contract Johannesburg
- Branch Manager Knysna
- Stores Manager East Rand
- Retail Supervisors and Shop Assistants Vereeniging
- Assistant Store Manager - Retail Pretoria
- Store Assistant Manager - Retail Worcester
- Cashiers and Shop Assistants Worcester
- Store Manager Alberton
- HRBP - Maternity Leave Contract Cape Town
Masscash stores sale to Black-owned Devland saves 640 jobs
The deal sees Black-owned Devland Cash and Carry, which owns and controls several firms that are active in the retail and wholesale trade of groceries and related products, acquire certain Masscash stores located in various parts of the country.
"Devland is owned and controlled by two historically disadvantaged persons (HDPs) while the target stores are not owned by HDPs. As such, the merger will also have a positive effect on the promotion of a greater spread of ownership, in particular to increase the levels of ownership by HDPs and workers in the grocery market," said the Tribunal.
Masscash operates wholesale businesses for the lower segments of consumer groups, such as Jumbo Cash and Carry, Trident and Shield, while its retail division includes Cambridge Foods.
Employment conditions
Employees from the Masscash stores involved in the deal will be transferred in terms of section 197 of the Labour Relations Act, and the deal was authorised on the condition that no employees be retrenched for nine months following the transaction’s implementation date.
The Tribunal agreed with the Commission’s assessment that that the merger is unlikely to lead any substantial lessening or prevention of competition in any market in South Africa.