Shoprite bids farewell to Nigeria after fifteen years. Nigerians react! 👇(See tweets)
Popular retail store, Shoprite has announced plans to exit the country after fifteen years of operating in the West African country.
The South African company said it will auction off its outlets in Nigeria due to approaches of various potential investors as a re-evaluation of the company’s operational model.
This development was contained in the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” publication released on Monday 3rd of August.
It reads partly;
“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.”
Shoprite follows the footsteps of major retail stores like Mr Price, Leventis among other stores that have left the country over the years.
Here is how Nigerians on social media are reacting to this development by Shoprite👇
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