Massmart sells sinking food unit to Shoprite Checkers for R1.3bn
The sale forms part of a turnaround plan led by Massmart CEO Mitchell Slape
20 August 2021 - 17:11
Massmart, owner of Builders and Game, has sold its loss-making Rhino and Cambridge food businesses to Shoprite Checkers for R1.36bn, allowing it to divest from fresh food retail and focus on its better-performing businesses as part of a plan to return to profitability.
The low-income supermarket division recorded a R363.5m loss in 2020 and a R310.2m loss in 2019...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.