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

Air New Zealand names exiting Walmart U.S. boss Foran as new CEO

NEW ZEALAND – New Zealand’s Flag carrier, Air New Zealand Ltd has named Walmart U.S. boss Greg Foran as its new chief executive in October this year, bringing him back home at a time the airline is trying to control costs in a lower-growth environment. New Zealand-born Foran is credited with turning around Walmart Inc’s U.S. business as its president and CEO since 2014, with the unit reporting 20 quarters of comparable sales growth under his leadership. Air New Zealand Chairman Therese Walsh said the carrier was “thrilled to have…

Read More