The Foschini Group (TFG) is reassessing its New Zealand store portfolio. The company reported a 77% profit drop in the region. Management cited a significant deterioration in the New Zealand economy as the driver for the review.
The process affects menswear brands Tarocash, Yd, Connor, and Johnny Bigg. This move may lead to store closures or a scaling back of regional operations.
In South Africa, TFG initiated a formal Section 189 consultation process in late August. This restructuring could lead to retrenchments at the group's head office. The strategy aims to reduce organizational complexity and lower operational costs across the group.