File: Massmart, the owner of Game and Makro. Wikimedia Commons
JOHANNESBURG - Massmart has reported a full-year loss of R1.7-billion as COVID-19 restrictions choked the group.
The owner of Game, Makro, and Builders Warehouse also incurred R132-million in retrenchment costs.
The group which has again held out on a dividend will be selling its non-performing Cambridge Food, Rhino, and Massfresh stores.
Together those stores employ 7,000 workers.
Total Massmart sales for the year to end December fell 7.7-percent.
But the group says cost-saving initiatives paid off, with a slight decline in operating expenses in 2020.
It also reported a healthy bump in online sales for many of its businesses