Massmart will shut unprofitable Cambridge if sale to Shoprite is blocked
CEO Mitchell Slape says if the group cannot sell the stores, it would be a more attractive option to ‘write a cheque to exit the business’
07 September 2022 - 20:42
Massmart CEO Mitchell Slape has told the Competition Tribunal that if it prohibits the sale of its Cambridge and Rhino supermarkets to Shoprite, its board has “absolutely zero” interest in keeping the unprofitable stores open.
The stores, which have lost over R1.5bn in the past three-and-a-half financial years, employ 7,000 people. ..
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