Listed mass retailer of building materials, home improvement and related products, Cashbuild on Wednesday (14 July) highlighted the damage caused to its outlets and operations mainly in Gauteng and KwaZulu-Natal from the ongoing violent protests and looting in South Africa.
As of this morning (14 July), a total of 36 stores – 32 Cashbuild and 4 P&L Hardware stores – have been damaged and looted and are currently unable to trade, it said in a statement.
The group has 317 stores – 258 Cashbuild, 58 P&L Hardware and 1 Cashbuild DIY – countrywide.
RT @BongeMacupe: The aftermath of the looting at this shopping complex. Some people are still inside the Cashbuild taking whatever they can get.
The looting has now moved to Protea Glen mall about 500 meters away from this shopping complex.pic.twitter.com/lL4DGLvyBG
— City Press (@City_Press) July 12, 2021
“Cashbuild has insurance cover in place for such events to minimise losses to the Group. Although higher yesterday, 33 stores remain closed today as a precautionary measure to prevent further damage. This will be continuously reassessed as the situation in the country normalises.
“Cashbuild will hereafter initiate a process of rebuilding, restoring and restocking the affected stores for trading which, dependant on the nature and extent of the damage, will determine the timeline to reopen,” it said.