Loss-making Game remains a drain on Massmart’s coffers
Turnaround efforts are not gaining traction, after a R570m writedown on the flagship chain store
Massmart has written down the value of its assets by half-a-billion rand, it said in a trading update that showed another six months of losses and continued struggles at its flagship Game chain.
The company, majority owned by the world’s largest grocer, Walmart, is undergoing a turnaround strategy after two annual losses, both exceeding R1bn. Massmart’s update for the half-year to June 27 shows that hardware chain Builders is experiencing double-digit growth, but a turnaround at Game is yet to gain traction...