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Massmart Holdings, a retail and wholesale conglomerate founded by South African retail mogul Mark Lamberti, plans to close its Nigerian Game stores operating under its subsidiary, Game Discount World Limited, on Christmas Day, Dec. 25.
The decision to close the Nigerian operation is part of a concerted effort by Massmart Holdings to reduce its exposure to loss-making businesses. It follows an attempt to find domestic buyers in line with its plans to restructure and reduce exposure to loss-making operations.
The company had planned to sell its Nigerian assets to Xanderwill Limited, but after failing to reach an agreement with the local buyer, it has announced plans to empty all of its stores and exit the Nigerian market by Dec. 25.
Neville Hatfield, Game’s vice president of Merchandise, announced the company’s recent decision to close its stores and exit the Nigerian market, stating: “We anticipate that the last trading day for Game Nigeria will be on Dec. 25, 2022.”
“Unfortunately, in the present circumstances, we feel that there are no reasonable alternatives to store closure,” he said, adding that the decision was extremely difficult to make and that the company recognizes that it will be a source of disappointment for many.
In the case of its Nigerian employees, the group stated that it would provide severance packages in appreciation of their service to the company.
Founded by Lamberti more than three decades ago, Massmart is the continent’s second-largest consumer product distributor and a leading retailer of general commodities, alcohol, home improvement equipment, and basic foods.
After an unsuccessful attempt to find domestic buyers, the South African retailer and wholesale conglomerate announced plans to close its Game stores unit in East and West Africa nearly three weeks ago.
Apart from its decision to close its stores outside of South Africa, Massmart has begun to close some of its Game stores in South Africa in order to reduce its losses even further.
