Massmart. The Walmart subsidiary reports a loss of US$97.4 million in 2021

Featured image of the article Massmart. The Walmart subsidiary reports a loss of US$97.4 million in 2021
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8 March 2022 à 17h02

Updated on 11 March 2022 à 16h43

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1 minute

Publication: 8 March 2022 à 17h02, Updated on 11 March 2022 à 16h43

Reading time: 1 minute

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Publication

8 March 2022 à 17h02

Updated on 11 March 2022 à 16h43

Reading time

1 minute

Publication: 8 March 2022 à 17h02, Updated on 11 March 2022 à 16h43

Reading time: 1 minute

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On 7th March, South Africa’s Massmart (408 stores on the continent) reported that annual losses increased by 65%.

The losses were blamed on store closures caused by Covid-19 together with riots and looting in July 2021 following the arrest of former president Jacob Zuma. For the whole of 2021, the retailer’s overall losses reached US$ 97.43 million, compared with US$60 million in 2020. 43 stores and two distribution centres were affected by the civil unrest last summer. Mas

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