Massmart, which owns Makro and Game, has sold its Rhino and Cambridge food businesses to Shoprite Checkers for R1.36-billion.
The acquisition is subject to regulatory approval. Massmart says the low-income supermarket division recorded an R363.5-million loss last year and an R310.2-million loss in 2019.
It says it hopes to conclude the sale in the first quarter of 2022, and it will use the proceeds to pay off debt and invest in e-commerce. It will also expand merchandise areas where the remaining Massmart brands are the market leaders.
Previously the group had said its business in SA has been negatively impacted by declining consumer confidence due to the Covid-19 pandemic.
Source: eNCA
In other news – Actress Ayanda Borotho opens up about her abusive relationship
Popular actress Ayanda Borotho has spoken up for abuse victims, who are often accused of lying. The former Isibaya actress said people must stop invalidating others’ experiences and pain.
Taking to Instagram on Sunday, 22 August, Ayanda said people have the tendency of not believing others about their experiences when they did not have proof. Learn more
