Walmart throws Massmart another lifeline
The global retailer is taking over payments of its subsidiary, which has lost more than R1bn in two years
Global retailer Walmart is again coming to the aid of subsidiary Massmart, owner of Game and Builders Warehouse, by paying a third-party provider of financial services for the next two years, with the JSE-listed retailer having to repay the money interest free.
Walmart owns a majority stake in Massmart, which has lost more than R1bn for two consecutive years, as retailer Game struggles to turn a profit. Walmart in 2020 provided Massmart with a rolling R4bn loan as the SA company’s medium term debt became due. ..