Monday, August 3, 2020

Breaking! Shoprite begins moves to leave Nigeria

Shoprite, Africa’s largest food retailer, is planning to exit the Nigerian market after posting continuous decline in sales from its operations. 

In a trading update filed at the Johannesburg Stock Exchange (JSE) on Monday morning, the retail giant said it was planning to discontinue its operations in Nigeria.

“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited,” the update read.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”

In Nigeria, sales declined by 6.3 percent in the 2020 fiscal year.

Shoprite launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005.

3 comments:

  1. Hmmm, I just pity their staffs
    Millions will lose their means of livelihood

    ReplyDelete