South Africa, March 16 -- Taste Holdings has announced that it will voluntarily liquidate Domino's Pizza, following its failure to find a buyer for the pizza chain.

The liquidation is expected to affect approximately 770 Domino's employees and 55 corporate stores have been closed immediately. Franchisees for the 16 franchised outlets will continue trading, with management providing advice and assistance where possible.

The voluntary liquidation will see the company write off shareholder loans to the value of R450m.

In November 2019, when Taste announced the sale of Starbucks SA, it also stated its intentions to exit the food business entirely - including Domino's Pizza, Maxi's and The Fish & Chips Co - as its shifts to focus to luxury ...