Massmart, which is in the midst of a turnaround strategy to stem annual losses, has to foot a R650m insurance shortfall after damages caused by the looting, arson and store closures during the civil unrest cost it R2.5bn.

The size of the insurance shortfall is a big blow to a company that has been loss-making since 2019 and has brought in three top Walmart executives to reshape the company...

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