Walmart-owned Massmart, which has lost about 85% of its value since the US retail giant bought more than half of it almost nine years ago, unveiled a turnaround plan for the group that includes consolidating business units and getting rid of fresh and frozen food at Game.

On Thursday, new CEO Mitchell Slape laid bare plans to revive the company with the presentation "Massmart: The Road to Recovery". It promises to improve customer service and stock levels at Game, which experienced a decline in big-ticket item sales such as fridges during the Christmas period, which is usually its busiest time.

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