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BREAKING: Shoprite Pulls Out Of Nigeria, To Sell Business

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BREAKING: Shoprite Pulls Out Of Nigeria, To Sell Business

BREAKING: Shoprite Pulls Out Of Nigeria, To Sell Business
August 03
09:04 2020

South African supermarket chain, Shoprite Holdings Limited, Monday announced that it will close all its stores in Nigeria, citing amongst others, the devastating effect of the coronavirus pandemic on its operations and profitability.

The group which trades in Nigeria under the name Retail Supermarkets Nigeria Limited, in an advisory obtained: “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 no 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…”

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