South African Company, Shoprite Holdings Limited, has said it will auction off its outlets in Nigeria.
The Cape Town-based retail company with presence in most Nigerian cities considered the sales of all his major stores following the effect of COVID-19 pandemic which has disrupted businesses globally.
The decision of the megastore company to close down after 15 years it opened its first store in Lagos in December 2015 is contained in a trading statement for the 52 weeks to end June released on Monday.
In the statement titled, “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)”, the company said it has been approached by “various potential investors”.
The statement partly read, “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.
“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.”
Investigation shows that Shoprite Holdings Limited has provided jobs for more than 2,000 Nigerians, and has over 25 stores across eight states in the country, including the Federal Capital Territory, Abuja.
