South African retailer fails to sell Game stores, opts to close.
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In 2011, U.S. retail giant Walmart (NYSE:WMT) Inc made a bet on Africa, buying a majority stake in South African retailer Massmart in what many investors saw as a step toward dominating the continent's vast untapped market.
It didn't go according to plan.
More than a decade later, Massmart's balance sheet is burdened with debt, its books are deep in losses and it's drowning in lease obligations on commercial properties.
It didn't go according to plan.
More than a decade later, Massmart's balance sheet is burdened with debt, its books are deep in losses and it's drowning in lease obligations on commercial properties.
