Tag: Massmart

Source: IOL

Massmart, the owner of Makro, Builders Warehouse and Game stores has said it is poised for accelerated growth as it continues to implement its turnaround strategy, according to its latest integrated annual report.

The group has said in the report released earlier that a significant outcome of the turnaround plan to date has been re-organising and introducing new ways of working to unlock its strengths, and deriving the resultant benefit to the business.

“This has mostly involved leveraging Massmart scale, and Walmart networks and expertise, to lower the cost base and implement better ways of working to create a significantly more competitive platform for future growth,” Massmart said.

The approach is to accelerate omni-focused growth that is responsive to shifting consumer behaviour centred on the Southern African Development Community (SADC), and to focus on categories in which it is a market leader, namely home improvement, general merchandise, and wholesale food and liquor.

“We have approved a multi-year e-commerce investment plan that leverages our store network and DC assets, underpinned by a mobile-first approach. I am pleased by the progress we have made in a relatively short period,” the report said.

While the company has not been performing well, looking ahead, Massmart said some of its strategic highlights for growth included acquiring OneCart and WumDrop to enable on-demand and last-mile delivery capabilities.

It has also launched mobile applications for Makro and Builders within the VodaPay Super App, which is extending the company’s reach to new customers.

“We also made numerous enhancements to our websites resulting in significant improvement in conversion rates. With this solid foundation, we are now focused on improving the customer proposition and end-to-end journey, while leveraging all the new and enhanced digital assets to drive accelerated growth,” the group said.

Massmart said the financial statements in its annual report had no modifications from its audited annual results for the 52-weeks ended December 2021.

In its results for the 52-weeks ended December 2021, the retailer reported a 65 percent decline in headline earnings per share to a loss of 705.5 cents per share, with a loss for the year of R2.2 billion, from R1.75 billion before.

“Massmart’s total group sales for the 52-weeks ended 26 December 2021 of R84.9 billion represented a 1.9 percent decrease compared to the same period in 2020, while comparable-store sales grew by 1.7 percent over the same period. Gross margin decreased by 191bps to 18.5 percent. Excluding inventory write-downs as a result of the civil unrest, gross margin decreased by 45bps to 19.9 percent,” it said.

In the financial section of the report, the company said during 2020, capital expenditure on projects was deferred, where possible, to preserve cash in an attempt to mitigate the impacts of Covid-19 on the business.

‘As economic activity increased in 2021, there was a commensurate increase in capital expenditure. The group continues to invest cash responsibly with expenditure being re-prioritised to re-open stores impacted by the civil unrest,” it said.

Total capital expenditure for the year amounted to R1.38 billlion, and increased by 33.2 percent compared to 2020, the company said.

“Expansionary capital expenditure amounted to R902.5 million, of which leasehold improvements and fixtures, fittings plant and equipment amounted to R733m, and was associated with the refurbishment of selected existing stores.

“Capital expenditure relating to maintenance amounted to R247.5m. An investment related to the acquisition of OneCart amounted to R228m. Overall property, plant, and equipment decreased by 4.3 percent, which was driven primarily by the impairments recognised, as well as the classification of the balances related to the discontinued operations as held-for-sale,” Massmart said.


By Myles Illidge for MyBroadband

Walmart will continue to support Massmart through its losses while the company implements changes at subsidiaries like Game needed to turn the business around.

This is according to Massmart CEO Mitch Slape, who told the Sunday Times that this support is not unconditional, and that their patience with Game had limits.

Massmart has seen three consecutive years of losses. In 2021, Game was to blame for nearly 47% — R1.03 billion — of the company’s R2.2 billion net loss.

Slape explained that Walmart knew Massmart’s executive team was intervening at Game.

This included selling fourteen stores in East and West Africa and selling fifteen “non-core” stores in South Africa.

According to Slape, if they get to a point where they don’t believe Game can be turned around, they would “assess it and make the appropriate decision.”

In its financial results for 2021, Massmart reported that its performance was impacted by two waves of Covid-19 and resultant lockdowns, as well as civil unrest.

“Black November and Festive season trading were also impacted by stock availability, resulting from the destruction of two distribution centres during the July unrest,” the company stated.

Massmart lost its primary import processing centre during the violence and looting in July 2021 and faced supplier stock-outs in the electronic goods and home appliances supply chain.

Alcohol bans and restrictions implemented during lockdowns cost Massmart approximately R1.8 billion in lost sales. According to the report, this translated to an estimated R193 million loss in sales margin.

Liquor sales contributed 15% of total sales in 2021, up from 13% in 2020.

According to Slape, the Russia-Ukraine conflict could aggravate the situation or provide an opportunity.

“The fallout that we’re seeing from some of that may result in higher inflation [and] certainly we’re seeing it in commodity pricing and things like that,” he told Cape Talk.

“I also think it creates an opportunity for Massmart in the sense that we are laserbeam focused on cutting costs, maintaining costs, and making sure we are in a position to keep our prices as low as possible.”

He explained that if there were price increases needed, Massmart would aim to be the last to implement them.

Massmart’s brands include Builder’s Warehouse and Makro, in addition to a range of food-focused retailers. It is majority-owned by US retail giant Walmart.

Builder’s Warehouse showed growth in 2021, reporting a trading profit of R1.18 billion — up from R1.03 billion in 2020.

Last year, Massmart announced that it was selling some of its food-focused retailers to Shoprite Checkers for R1.36 billion.

The company’s financial proceeds would be earmarked to pay down drawn bank facilities, invest in e-commerce, and merchandise areas in which Massmart is the market leader, such as general merchandise, DIY, and wholesale food and liquor.


Covid-19, riots hurt Massmart

Source: Supermarket & Retailer

In a trading update on Friday, Massmart said its group sales for the 52-week period amounted to R84.9 billion, which is 1.9% lower than the same period in 2020.

The group, which also owns the Builders and Game brands, said its total comparable stores sales were 1.7% higher, however.

It said 43 of its stores were damaged in the July unrest that took place in KwaZulu-Natal in 2021. However the impact on two Makro stores hit the group’s second-largest sales category hard, resulting in sales declining by 9.7% in the fourth quarter of 2021 compared to the same period in 2020.

That said, Makro’s total sales for the 52 weeks rose by 6.6% to R29 billion and comparable sales increased by 10.6%. Despite the government imposed Covid-19 sales bans, liquor had a comparable sales growth of 39.8%, while comparable general merchandise sales grew by 7.2%.

With regards to food, Makro saw a slight increase in comparable sales of 1.5%.

“Business activity, specifically in the hospitality and catering sector remains at lower-than-normal levels, as this industry was impacted by various levels of trading restrictions as well as international travel restrictions during the year,” said Massmart.

The group’s wholesale and cash-and-carry division, made up of the Jumbo Cash & Carry and Shield brands, had a 6.3% decline, which Massmart attributed to lower sales in the hospitality, restaurant and catering sector due to Covid-19.

Builders, on the other hand, saw a 7.1% increase in total sales.

Game suffered a total sales decline of 8.1% at R15.3 billion, as mall-based foot traffic slowed down as consumers came under financial pressure.

“The Game supply chain was particularly susceptible to unrest related supply chain disruption that resulted in insufficient in-stocks of some core appliances and home electronics in the period following the unrest, exacerbated by lower in-stock levels on key lines of certain electronics and appliance products as a result of global supply shortages,” Massmart said.


Union eyes Black Friday for Massmart strike

By Khulekani Magubane and Penelope Mashego for News24

The South African Commercial Catering and Allied Workers Union (Saccawu) has confirmed it plans to kick off with a national strike at the Massmart group on Friday, which could impact some 229 stores under the retail and warehousing giant.

On Tuesday, the group said it had received no formal notice of a strike. A senior executive, however, said he was aware that the union’s leadership was “cajoling” members into strike action, alleging that some members appeared to have been threatened into participating.

Saccawu denies allegations of intimidation.

The union first hinted at the possibility of a strike last week, aiming to time its industrial action alongside Black Friday – set to take place on the last Friday of November.

Massmart senior vice president of group corporate affairs Brian Leroni told Fin24 that Massmart had not yet received any formal notification of strike action from the union as required by the Labour Relations Act.

“We are, however, aware that Saccawu leadership is cajoling its members into taking strike action during the current trading period.

“It would appear that Saccawu’s approach has, in [some] cases, involved threatening reluctant members to participate in a strike at a time when they would typically maximise sales commission-based earnings due to higher footfall and sales volumes in our stores,” said Leroni.

Leroni said the rationale for the threatened strike action was “not immediately clear”, but the company was aware that Saccawu officials referenced wages, working conditions and restructuring in media interviews.

“Specifically, Saccawu leadership recently advised its members employed by Game not to accept alternative positions that the company had identified following the implementation of a Section 189 process that was completed at Game in June this year,” Leroni said.

He said Makro, Game and Builders would release new Black Friday deals each week during the whole month of November and that the company did not anticipate that the potential strike action would impact meaningfully on the promotion.

Saccawu said in a statement on Tuesday that its strike would go ahead on Friday and was expected to affect Makro, Game, Makro Fruitspot, Builders Warehouse, Builders Express, Builders Trade Depot, Builders Superstores, Rhino Cash and Carry, Jumbo Cash and Carry and Cambridge.

The statement added that Saccawu secured certificates of non-resolution of disputes from the Commission for Conciliation Mediation and Arbitration (CCMA) to embark on a protected national strike at stores under the Massmart Group after section 150 facilitation sessions where the company showed “little interest” in resolving the labour disputes.

The union was waiting for the CCMA to finalise a certificate for Builders Warehouse, it said.

“On 19 November 2021, Saccawu will commence an indefinite national strike at the Massmart Group of companies which include Mass Warehouse, Massbuild and Mass Cash representing 229 stores nationally,” the statement said.

Industrial action has loomed for some time at the retail giant. Earlier this year, Massmart was dogged with threats of strike action over its plans to retrench staff.

On Tuesday, Saccawu said there was a dispute regarding wages and working conditions at Massbuild, and that it demanded a R500 across-the-board increase. “Other areas of dispute involve unfair labour practice wherein the company is placing workers on unpaid seven-day isolation whenever they have been embarking on lunchtime pickets that were a build-up to this national strike,” the statement said.

The union is also unhappy about the retrenchment of some 380 workers at Massmart, as well as the working conditions of the remaining workers, including a reduction in working hours, wages and benefits.

Speaking to Fin24 on Tuesday afternoon, Saccawu head of communications and research Sithembele Tshwete denied Massmart’s claims of intimidation and cajoling attributed to Saccawu members, or members of any other union recognised by Massmart.

“That’s just propaganda. We are not about that. We were on a strike for three days and they said the same thing. We are not about violence. Everything is within the law. We don’t force people, we are going to persuade people,” said Tshwete.

Tshwete told Fin24 that Saccawu had approached the Labour Appeals Court on Monday to appeal the ruling of the Labour Court and won. He said the union will argue for the reinstatement of the workers who were dismissed.

“It is a protected strike. We have a certificate on non-resolution, but we are sending the last memorandum of notice. There is Massmart, Makro and Builders. It is only Builders where we have not given notification. It is the CCMA that has delayed us in that regard,” Tshwete said.

Saccawu said its strike programme also involved mobilising a national consumer boycott of Massmart Stores, the handover of a memorandum of demands at a number of Massmart stores and secondary strikes at other retailers by other organised labour structures.


Game owner Massmart acquires OneCart

By Penelope Mashego for News24

Makro and Game owner, Massmart, has acquired a controlling stake in online shopping and delivery platform, OneCart.

On Wednesday, Massmart announced that it reached an agreement to acquire 87.5% of OneCart after informing the market that both parties had been negotiating the transaction in August.

The online shopping and delivery service’s partners include Woolworths, Pick n Pay Dis-Chem and Clicks.

The acquisition forms part of Massmart’s e-commerce growth strategy.

“We are excited by the opportunities that this acquisition presents. eCommerce continues to grow rapidly, both in South Africa and for Massmart, contributing up to 3-4% participation in overall retail sales. We don’t expect this growth trend to change and have embarked on implementing the fundamental building blocks required for a strong ecommerce offering,” said Massmart’s vice-president for group eCommerce, Sylvester John.

He added that Massmart would continue to support OneCart’s independent retailer marketplace model, while growing the platform and enhancing customer experience.

The retail chain owner will provide equity funding to OneCart through an unsecured convertible loan and acquire shares from current OneCart shareholders. Onecart’s founder Lynton Peters and a minority shareholder will own the balance of the shares.

The transaction will be finalised once it has approval from authorities and has met the required conditions.


Massmart in talks to acquire OneCart

Source: IOL

Massmart has announced that it is in negotiations to acquire a controlling stake in OneCart. The company said the negotiations were at an advanced stage. It said the acquisition was in line with its strategic intent to accelerate growth in e-commerce.

The group hopes to conclude discussions in the coming weeks.

OneCart is a South African grocery delivery service that was founded in 2016.

Massmart Group chief executive officer, Mitch Slape said: “The proposed acquisition is consistent with Massmart’s strategy to invest in and accelerate eCommerce growth, particularly in the fast-growing on-demand delivery segment. A key objective going forward would be to invest in aggressively growing and fully supporting OneCart’s existing independent retailer marketplace model that enables consumers to order from multiple retailers via a single platform.”

In March, Massmart outlined the group’s immediate eCommerce priorities including to:

• Establish a unified group-wide eCommerce capability under the leadership of Sylvester John who has been seconded by Walmart to fulfil the role of Massmart Group eCommerce vice-president.

• Revamp the makro.co.za, game.co.za and builders.co.za online user interfaces, including key functionalities like search, to provide a more seamless and intuitive customer experience.

• Develop new transactional and value-adding mobile-first digital solutions that cater to different customer occasions, journeys, and segments, including participation as anchor retail tenant on the Vodapay Super App.

• Strengthen and expand order fulfilment capabilities such as on-demand and same-day order fulfilment, “ship to home” capability from Distribution Centres to supplement store fulfilment capacity, and improving the click-and-collect customer experience in stores.

Group vice-president for eCommerce Sylvester John said: “It’s clear that we have the brand recognition, geographical presence, merchandise assortment, procurement scale, and primary logistics capability to be an even more successful eCommerce player.

“In addition to better leveraging these assets, our immediate opportunity is to improve and expand our digital sales platforms and last-mile delivery capability. The successful acquisition of OneCart will go a long way toward achieving this.”

The company said that in 2020, online sales across Massmart increased by 58.6%, the number of unique eCommerce customers grew by 73% and click-and-collect orders increased by 69.5%. eCommerce contributed 1.8% of total sales, representing a significant increase over the previous year.

OneCart has achieved year-on-year growth of 400% since its inception.

Slape said: “Successful closure of the proposed OneCart transaction will contribute immeasurably to our centralised eCommerce capability that has specifically been established to concentrate scarce expertise, including Walmartpracticence, in a way that will accelerate the adoption of eCommerce best practise at Massmart.”


Game is Massmart’s biggest problem

Source: Knowledia

A trading update for the first half of the year from Massmart on Friday spooked investors who had been banking on a stronger recovery. The share closed over 9% lower at R54.95, having traded as much as down 11% on the day.

While the headline number seems “satisfactory” – sales are up 4.4% ­– it must be remembered that the group is comparing sales this year to a period last year during which the country was practically shut down for a month, with the level-5 hard lockdown from 27 March through the rest of April. In May, some restrictions were eased, and in June the economy was opened further. Compare the first half of this year to 2019 and sales have dropped 5.7% across the group.

Makro’s R13.7-billion in sales for the 26 weeks are 2.2% higher than the comparable period in 2019. At Builders, sales of R7.2-billion are 7.5% better. The real horror show is in the group’s cash and carry and Cambridge food businesses as well as Game.

Sales at Game were 7.6% lower than the same period last year, with comparable stores sales being 6.9% lower

Total sales in the cash and carry and Cambridge units is down by 9.8%, or R1.4-billion, when compared to the first half of 2019. This decline was led by Cambridge, which the group has been trying to sell for the last six months. Sales in this business, ranked eighth in food retail in the country, are 9.4% lower than last year.

A far bigger problem, however, looms at Game.

Massmart says sales at Game were “7.6% lower than the same period last year, with comparable stores sales being 6.9% lower” — this despite half the period being impacted by lockdown last year. (In South Africa, the decline was 4.6%.)

Compare sales at Game to the first half of 2019 (excluding the impact of lockdown), and although there is some impact of “lost” sales due to the closure of DionWired, these are down 19.1%! Game and Dion Wired were part of Massmart’s former Massdiscounters division.

The R6-billion question (the current value of its 51% stake) is how long Walmart will continue to waste management time – and money – trying to fix Massmart.

Massmart CEO Mitchell Slape has already done the easy work: shutting and selling underperforming stores, fixing retail basics in Game, stripping out large chunks of head office costs (by outsourcing central functions to Walmart suppliers) and securing a R4-billion (soft) loan from Walmart to bolster its balance sheet during a Covid-19 impacted year last year.

The rampant looting and destruction in July may have been the final straw.

Massmart loses R1bn tax refund appeal

By Dineo Faku for IOL

Massmart has suffered yet another blow after the Supreme Court of Appeal ruled that the retailer could not claim nearly R1-billion worth of losses from the taxman for a share incentive scheme implemented 20 years ago for senior managers.

The Supreme Court of Appeal dismissed Massmart’s appeal of a court decision that gave the SA Revenue Service (Sars) a right to disallow R945 million in capital losses claimed by the group.

In his judgment, the appeal Judge Visvanathan Ponnan, said that the unpaid loans plainly constituted an asset in the hands of Massmart.

“There could thus be no loss to speak of. Instead, what Massmart purported to do was to account for the trust’s losses in its books,” Judge Ponnan said. “This despite the fact that at the outset they had received legal advice from Mr Lewis that they could not, by arrangement between them and the trust, change the incidence of capital gains or losses.”

The court action stems from the decision by Sars to block the capital losses claimed by Massmart after the company could not identify the asset disposed of which gave rise to the capital loss.

Massmart, the owners of Game, Makro and Builders Warehouse brands, approached the SCA after the Tax Court of South Africa dismissed the

company’s determination that it had suffered R954m capital losses during its 2007 to 2013 years of assessment by virtue of its dealings with the trust.

In 2000, Massmart resolved to adopt a share incentive scheme for its key management personnel, conducted through the Massmart Holdings Limited Employee Share Trust.

On June 12, 2000, the Trust Deed for the trust was adopted by Massmart, and the first trustees of the trust were an accountant, Mark Franklin, and Stephen Lewis, an attorney at Edward

Nathan and Friedland Incorporated.

Judge Ponnan said in his judgment that Massmart’s witnesses Franklin, former chief executive, Guy Hayward, the assistant to the share trust administrator, Sena Farquhar, had not helped the company’s case.

“Far from supporting Massmart’s case, the evidence of the three witnesses appears to have bolstered Sars’s contention that the notion that the so-called right constituted an asset, is illusory and an ex post facto reconstruction to establish a basis by Massmart for a claim for capital gains,” said Judge Ponnan.

For instance, during his testimony, when asked what was the basis upon which capital losses were claimed previously by Massmart before the appeal, Hayward said: “I have, M’Lord, I have no recollection, I’m not clear on that … I do not know that personally.”

While Franklin accepted that the funds that Massmart had advanced to the trust were recorded as loans, he testified, however, that there was never any intention that the loans would be repaid.

He could also not explain why the loans were recorded as unpaid loans in the financial statements of the trust and the balances were carried forward to each succeeding year.

Franklin had said it was for accounting purposes that funds advanced to the trust were described as loans because there was never any intention that it should be repaid.

“Well, it could have been described otherwise, but it was not a loan in the sense that a loan means that the trust was required to repay it, because the trust had no funds. “So it would never have been able to repay it,” Franklin said. “So in that respect the term loan is probably misleading.”


By Ntando Thukwana for Business Insider SA

Walmart-owned retailer Massmart has big plans for mobile shopping in South Africa, including its own new apps and becoming an “anchor tenant” on Vodacom’s new so-called super app.

The app, built in partnership with the digital payment group Alipay (which is part of the Chinese behemoth Alibaba), will offer mobile shopping and music streaming as well as a large range of services, including the ability to pay bills, send money to friends, and even borrow money for a small business or buy insurance via your phone. The super app is due to be launched by mid-2021.

Vodacom’s 44 million subscribers will initially be able to buy directly from Makro and Builders Warehouse on the app, and Game will later be added.

Richard Inskip, Massmart’s chief operating office, said that the Vodacom partnership will widen its customer base.

“It gives us access to a lot more customers than we currently have. We believe that we would get a lot more younger, tech-savvy customers to come to us (via the Vodacom app),” said Inskip.

He says that Massmart wanted to effectively become an anchor tenant on the Vodacom app, before its competitors.

“We would want that in advance of our competitors like Takealot. We believe that we’d be better positioned to serve the customers,” he said.

Massmart also recently partnered with OneCart and UberEats to expand its reach, and plans to introduce its own shopping apps.

Driving the retailer’s digital plans is Sylvester John, who joined Massmart last year. He was previously Walmart North America’s vice president for so-called “last mile delivery” – products’ journey from the warehouse shelf to customer doorstep.

“We are expanding into mobile apps and over time (will adopt) a mobile-first strategy. A large percentage of our current customers access our site by phone,” John said.

To improve its “last mile” operations, the company is partnering with global logistics platform Far Eye, who will be “working to centralise all customer deliveries onto a single sophisticated platform”.

Massmart estimates that it is now the second-biggest ecommerce player in South Africa – after Takealot.

Its online sales breached R1 billion for the first time last year. Builders’ Warehouse’s online sales more than doubled, while Game (78%) and Makro (42%) also saw strong growth.

However, this could not save the rest of the group, and overall sales declined by almost 8% to R86.5 billion over the past year.

While the company says its online operations are profitable, as a group, Massmart suffered a headline loss of R924 million last year – albeit smaller than 2019’s loss of almost R1.2 billion.

This beat expectations and, along with its new plans to sell some of its brands, sent the company’s share price rocketing by 20% on Monday.

Massmart was last trading at R51, almost at its best level over the past year – and 190% higher than its low point of below R19 in July 2020.


Struggling Massmart disposes of more assets

By Dineo Faku for IOL

Massmart shares surged 20.76 percent at the JSE yesterday to close at R54.10 as the market welcomed the proposed sale of its non-core Masscash, Cambridge Food and Rhino stores as well as the review of its footprint outside the Southern Africa Development Community (SADC) as it focuses on investment in core and high returning assets.

Chief executive Mitch Slape said the group would review its operations outside SADC in the second quarter.

Slape said the group had appointed Barclays to facilitate the disposal of the Cambridge Food, Rhino and Massfresh comprising The Fruitspot and a meat processing facility assets.

“We are going to be divesting our Masscash, Cambridge and Rhino business largely because these are not core assets to Massmart, and we see no clear pathway to market leadership with these businesses,” said Slape, adding that the SADC stores had a mixed performance and had added significantly to the complexity of the Massmart business.

“These decisions are indicative of a strategic shift to concentrate on areas of market leadership, areas we believe we have the strength against our competitors.”

Massmart unveiled plans to accelerate its e-commerce strategy leveraging the experience of parent company Walmart.

It announced a focus on the growth of its DIY category, primarily Builders Warehouse, its wholesale business, and the revitalisation of its general merchandise business.

However, due to Covid-19 pandemic restrictions mainly on liquor, sales during the 52 weeks ended

December 27, 2020, fell to R86.5 billion representing a decline of 7.7 percent, with a 7.5 percent fall in comparable store sales in line with expectations.

Investment Analyst at Sanlam Private Wealth, Renier de Bruyn, said grocery retailers had been hard hit by the liquor restrictions, which negatively impacted the results, while the increased spend on home improvement projects by retail customers was evident in the healthy rise of operating profit at Builders.

“Some underlying progress can be seen in the new management team’s turnaround plan announced at the start of 2020 in terms of improved inventory and margin management and restructured operations,” De Bruyn said.

“There also seems to be better support from their parent Walmart in a number of areas.”

Trading profit was up 5.5 percent at R1.172bn from R1.11bn in 2019. The group reported a net loss of R1.8bn from R1.3bn during the same period in 2019, while its headline loss narrowed to R900 million compared to a headline loss of R1.2bn during the same period in 2019.

Euromonitor consultant Christele Chokossa said despite the 5.5 percent increase in trading profit due to lower operating costs through lease renegotiation, recruitment freeze, and closure of DionWired stores, Massmart’s profit before interest and taxes declined by 119.5 percent, while net loss for the period increased by 35 percent.

“Massmart likely lost shares in food retailing due to lower demand from the hospitality industry, as well as the closure of some stores due to Covid-19. Besides, Game’s performance was poor when considering its overall industry performance,” Chokossa said.

The review of the stores outside SADC builds on the turn-around plan announced last year that has seen the revamping of Game stores, and resulted in the closure of 23 DionWired stores and underperforming Masscash stores. Last month Massmart also announced the decision to divest an additional 14 Cash & Carry stores following a more comprehensive strategic review.


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