South African Company, Shoprite Holdings Limited, has closed it’s business and is set to move out of Nigeria over harsh operational environment.
ShopRite blamed the decision on the Coronavirus pandemic that brought about lockdown and which affected sales and turnover.
ShopRite, in a statement on Monday, said the decision to close shop in Nigeria was reached at it’s board meeding.
“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. 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.”