South Africa's Massmart could cut 1,440 jobs

South Africa’s Massmart Holdings could cut up to 1,440 jobs under a plan to close some stores, the retailer said on Monday as it struggles to grow sales in a tough economy.

Massmart, majority owned by U.S. retail giant Walmart, swung to its first half-year trading loss in two decades last August, as low growth, high unemployment and a rising cost of living hurt South Africans’ spending power.