Given currency volatility regarding its business and falling consumer demands, South African retail giant Massmart has sold its Games Discount World stores in Nigeria.
Brand Spur Nigeria gathered that the assets were sold to the controlling shareholder of PricePointe Wholesale Club, an organization 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 has been adjusting operations across Africa amid reported interest from American retail giant Walmart in the last few months.
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 stabilize 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 of running those businesses is something that needed to be addressed.
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.
