Massmart Announces The Potential Store Closure Of Game Stores In East And West Africa
Massmart Announces The Potential Store Closure Of Game Stores In East And West Africa. Retailer Massmart has announced that it might have to close its Game Stores In East and West Africa as they may be sold to local investors who have a more intimate understanding of regional and local market conditions.
The company said in a statement, “Shareholders are referred to the Integrated Annual Report for the year ended 26 December 2021 whereMassmart disclosed in the notes that, following a review of its Game store portfolio in East and WestAfrica, it was exploring the possible disposal of the East and West African stores to local investors andentrepreneurs with a more intimate understanding of regional and local market conditions.”
As a result, Massmart initiated a process over a 12-month period to investigate, as a preferred option, the opportunity to sell U East and West African stores to local investors. Unfortunately, this initiative did notdeliver a meaningful outcome.Consequently, we have initiated potential store closure consultations with our staff members in our Gamestores in East and West Africa.
Massmart, Africa’s second largest retail group, comprises four divisions operating in 423 stores, across 13 sub- Saharan countries. Through the company’s widely–recognised, differentiated retail and wholesale formats, it has leading shares in the General Merchandise, Liquor, Home Improvement and wholesale Food markets. Key foundations of high volume, low cost and operational excellence enable price leadership.
