Popular South African supermarket chain, Shoprite Holdings Limited, Monday announced it will close all its stores in Nigeria, THEWILL is reporting.
The group, which trades in Nigeria under the name Retail Supermarkets Nigeria Limited, cited amongst others, the devastating effect of the COVID-19 pandemic on its operations and profitability,
In an advisory obtained by the online platform, said: “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 majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited. As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year…”