SUPERBALIST TO RETRENCH 30% OF ITS STAFF

Employees at local online fashion retailer, Superbalist have been informed that a massive percentage of its staff could be retrenched.

According to BusinessTech, almost 30% of their workforce will be cut.

Most of the departments will be affected. This includes product management, finance, design, buying, support, and engineering.

The massive retrenchment project will see 75 roles being scrapped. This includes an entire vertical design of 45 people.

Although the warning has been given, the online retailer will wait until the Black Friday rush before the serve notices on 2 December.

This is the first time in a few weeks that Superbalist has made headlines.

IOL reports that last month, the Takealot Group, owned by Naspers, announced that it would be selling Superbalist to a South African consortium of retail and private equity investors led by Blank Canvas Capital.

Increased competition from Chinese retailers Shein and Temu was one of the main reasons for the sale of the local online fashion retailer.

According to Bizzcommunity, the transaction has already been effective since 1 September.

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