Backing from Walmart gives Massmart a serious advantage, an analyst says, after ban on the sale of alcohol costs it R2.3bn in revenue
Walmart has given its subsidiary Massmart a R4bn loan as the owner of Game, Builders Warehouse and Makro flagged deeper first-half losses.
Massmart has underperformed operationally and in the stock market since Walmart coughed up R16.5bn for a controlling stake almost a decade ago. The retailer has since brought in CEO Mitchell Slape, who has mapped out a punishing revival strategy that includes layoffs and store closures.
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