South Africa's Taste Holdings to Liquidate Food Business, Hitting 770 Jobs

South Africa’s Taste Holdings is in the process of placing its food businesses into voluntary liquidation after a failed attempt to offload its Domino’s Pizza franchise, Reuters reported. Taste’s move to liquidate the business comes after South Africa entered its second recession in two years in the final quarter of last year. It will see 770 employees lose their jobs, while 55 stores owned by the company have closed, said Taste, whose food businesses own and license Domino’s Pizza franchises in South Africa. In February last year Taste, which has been facing poor retail sales, estimated it required more than 700 million rand ($42 million) to achieve a positive cash flow and expand its food businesses which also included Starbucks store franchises. But despite raising 132 million rand via a rights offer, it failed to secure the required investment. Read more