Tag: Massmart

Massmart to sell 14 Game stores in East and West Africa

Frank

SOUTH AFRICA – Consumer goods distributor Massmart says it has put up 14 Game stores in East and West African stores for sale to focus on its core strengths as the group losses narrowed during the half-year ended June 2021, reports IOL. Massmart has begun a formal sales process to divest in five Game stores in Nigeria, four in Ghana, three in Kenya, one in Uganda and one in Tanzania. Speaking during the group’s virtual financial results presentation, Chief Executive Mitchell Slape said the company was currently in discussion with…

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Shoprite acquires Massmart’s non-core assets for US$92m to boost its low-price position

Frank

SOUTH AFRICA – Shoprite, Africa’s biggest retailer, has said that it would acquire Massmart’s wholesale and retail chains for R1.4 billion (US$92 million), beating rival Pick n Pay to the deal, and bolstering its leading position in the discount retail market. Shoprite said the transaction comprised 56 Cambridge Food business and Rhino Cash and Carry business, including 43 adjacent liquor stores, the Fruitspot business and Massfresh Meat business with a total of four facilities, and 12 Masscash Cash and Carry stores. Shoprite Chief Executive Officer Pieter Engelbrecht said that the…

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

Frank

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…

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