Barloworld group is set to retrench more than 2500 people due the impact of Covid-19, CEO Dominic Sewela has announced.
This after the company merged its automotive and logistics divisions in March this year.
According to a Business Day report, Sewela confirmed that in addition to exiting the logistics business, the group was considering selling parts of its automotive businesses — which include dealerships for brands such as Audi and BMW.
“Business confidence in the regions Barloworld operates in has dropped significantly and the group expects the average consumer to remain under pressure, while the trading environment will be impacted by the lower outlook for recovery and growth,” according to a company statement.
“The board and management remain committed to the implementation of prudent measures aimed at reducing and containing costs to preserve cash in the immediate period while ensuring the medium- to long-term strength of the organisation.”
