South African retailer Massmart gets US$230m backing from parent company Walmart

SOUTH AFRICA – South African retailer Massmart has received a R4 billion (US$230m) inter-company loan from its parent company Walmart, an American multinational retail corporation to help it offset liquidity constraints triggered by the COVID-19 pandemic. With the backing, Massmart, which owns Makro, Game and Builders Warehouse retail outlets has indicated that the group now has sufficient resources to meet its obligations, reports IoL. “In addition to the facility support provided by local financial institutions, the group secured a R4bn inter-company loan from Walmart Inc to provide additional headroom in the…

Read More