Massmart Holdings is selling three more units as the Walmart-owned South African retailer steps up efforts to turn around the company.
Barclays has been appointed to dispose of food-seller Cambridge, cash-and-carry chain Rhino and Massfresh, which is made up of The Fruitspot and a meat-processing facility, Massmart said in a statement on Monday. It has not yet had any talks with specific buyers, chief executive Mitchell Slape told reporters by phone.
“This is all about sharpening our management focus,” Mr Slape said. “It’s about allowing management to have the time, the energy, the attention, the capital so that we can invest properly.”
News on progress with the retailer’s reorganisation came as the Johannesburg-based company reported a narrowed loss for the 52 weeks ending December 27. Massmart has already cut 60 per cent of the 600 million rand ($39m) it’s targeted in savings this fiscal year. The shares jumped 21 per cent, the most on record.
Walmart sent Mr Slape from the US-based parent company to turn around Massmart in 2019, though his task was swiftly made even tougher by the coronavirus pandemic and associated lockdown rules. Under his leadership, the company has cut jobs, shut its Dion Wired chain, disposed of underperforming Masscash stores and stopped selling fresh food in its household-goods chain Game.
The retailer has been yet another international headache for Walmart, which has also had difficulties in China, India and the UK and sold off assets in Brazil in 2018.
Massmart said it’s also considering exiting some African countries outside of its home market and immediate neighbors as part of the reorganisation, though there may be some “that we decide to double down in and invest further”, Mr Slape said.
“There is no question in my mind that there is upside potential for retail growth” in Africa, he said. Even in the “more immediate term, customer strength is beginning to return as we move out of Covid restrictions.”
The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
if you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five pillars of Islam
MATCH INFO
Confederations Cup Group B
Germany v Chile
Kick-off: Thursday, 10pm (UAE)
Where: Kazan Arena, Kazan
Watch live: Abu Dhabi Sports HD
The Programme
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
