A proposed restructure at Superbalist is expected to impact around 30% of staff, according to a statement from Superbalist.
South African online retailer, Superbalist, said they have started a process that could lead to the restructuring of the business.
“Superbalist has embarked on a process that could potentially lead to the restructure of its business,” the retailer said.
Superbalist said that like many other businesses, they are facing the reality that post-Covid growth has not met their forecasts. The rise of other fashion platforms have also had an impact on the sales of the apparel and private labels.
“In today’s tough economic and competitive environment, it is essential that we reassess our structure and services to ensure we can operate effectively,” Superbalist said.
“We understand the potential impact of these changes on our people, and our top priority is to support them while making decisions that position the business for long- term success. Balancing these needs is our focus moving forward.”
In September, the Takealot Group announced that the group will be selling Superbalist to a consortium retail and private equity investors led by Blank Canvas Capital.
Takealot said that the transaction would take effect on September 1, 2024.
Superbalist which is a fashion, beauty and home retailer sells more than 450 brands. The online retailer was formerly known as CityMob and was founded in 2010.
In 2013, CityMob rebranded to become Superbalist and started to sell international brands. A year later, in 2014, Superbalist was bought was Takealot.
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