JOHANNESBURG - The Foschini Group will close hundreds of loss-making stores. This is part of a wider business reset.
The retailer says the aim is to make the business more profitable.
Around 100 stores have already been closed in the past year. In total, about 300 stores will close.
The group is also reviewing its brand mix. It wants to focus on protecting margins and strengthening cash flow.
The share price has struggled in recent years but it closed just over three percent higher today.