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After ShopRite, Another South African Company, Game Sets to leave Nigeria, Sells All Assets

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South African company Massmart is leaving Nigeria and will be the second retail giant to leave Nigeria since 2021.

Shoprite took a similar step, selling off its subsidiary, which has been operating in Nigeria for 15 years.

Similarly, Massmart has already reached an agreement to sell off all its assets and will also say goodbye to Nigeria.

South African retail giant Massmart has sold its Games Discount World stores in Nigeria.

The assets were sold to the controlling shareholder of PricePointe Wholesale Club, an organisation that operates a wholesale store in Lagos.

The value of the deal is unknown, but Massmart will make it the second exit by a South African company in less than two years, following the sale of Shoprite’s Nigerian subsidiary.

Massmart is the owner of Games Discount stores.

 

Massmart Chief Executive Mitch Slape also recently said that the company is reviewing its store portfolio outside of Southern Africa as part of a turnaround plan to stabilise the business.

The review has now resulted in the disposal of 14 stores across Ghana, Nigeria, Uganda, Kenya and Tanzania, Itznews reports.

BusinessDay reports that Slape told investors that the performance and the complexity in running those businesses is something that frankly we needed to address.

He added, “We’ve commenced a formal sales process, we’re currently in discussions with potential purchasers to take on those stores.”

PricePoint takes over Game stores After a 12-month period of evaluation and engagement with numerous parties, the sale of the Games Discount World stores in Nigeria to PricePointe Wholesale Club was completed.

 

Massmart believes that the PricePointe familiarity with regional market conditions will improve overall store performance.

PricePointe Wholesale Club’s is also the purchaser of the Massmart assets in the four other countries.

 

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