Massmart has reported full-year results stained in red ink thanks in part to the impairment an SAP ERP system at troubled retailer Game.
Browsing: Makro
Massmart on Tuesday warned of a bigger annual loss, due to store damages and lost trading income suffered as a result of the July looting.
Thousands of workers, disgruntled over low wages and changes to terms and conditions of employment, went on strike on Friday.
Massmart has assured customers that planned strike action will not interfere with their Black Friday shopping plans.
Workers will start an indefinite strike on Friday at all group companies owned by Walmart-led Massmart Holdings in South Africa.
With an explosion in online sales expected in South Africa in the coming decade, e-commerce is becoming core to the growth strategy of Walmart-owned Massmart.
A trading update for the first half of the year from Massmart on Friday spooked investors who had been banking on a stronger recovery. Game is at the centre of the problems.
It is not yet clear just how extensive the destruction of particularly retail and warehouse property and the looting of stock in the unrest in KwaZulu-Natal and Gauteng was.
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Massmart, the South African retail group owned by US giant Walmart, said 41 of its stores, which include Builders, Makro and Game outlets, were looted and trashed in this week’s violent carnage.