Massmart restructures debt and gets set to sell 15 Game stores
Of the R2.5bn Massmart lost as a result of the July riots, R650m will not be recoverable from insurers
Massmart, the owner of Makro and Builders, has reorganised its debt obligations in the face of increased losses after the riots in July — and has announced it is looking to sell 15 of its 114 Game stores.
The company expects its annual losses to year-end to worsen by 20% from the previous year, during which it recorded a loss of R1.8bn. ..