Massmart hammered as Makro and Game stores looted

Makro, Game, and Builders owner Massmart has seen its share price plummet by over 10% following looting at its stores and warehouses.

Massmart’s share price closed at R62.67 on Friday, 9 June. On Wednesday, it was trading at under R55.00.

The violence and looting in Gauteng and KwaZulu-Natal hit Massmart particularly hard.

Criminals looted 30 Makro and Game stores, and they raided Massmart’s main distribution in KwaZulu-Natal.

Brian Leroni, corporate affairs executive at Massmart, confirmed looters breached their Distribution Centre in Riverhorse and made off with stolen goods.

Some good news is that the centre was not destroyed and that the police are on the scene restoring order.

“Our immediate priorities are to ensure the safety of our staff and to secure our physical assets,” said Leroni.

“We are also rapidly shifting our attention toward finalising plans to expedite business recovery and responsible reopening of stores as soon as it is safe to do so.”

This is a big setback for Massmart, which has been negatively impacted by the Covid-19 pandemic and lockdown.

The company had plans to break even this year after big losses in 2019 and 2020. This is now unlikely to happen.

The chart below shows Massmart’s share price over the last five days.

Massmart share price — 14 June 2021

Makro store looted


 

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Massmart hammered as Makro and Game stores looted