Shoprite Holdings Limited has announced the winding up of its Nigerian operations.
The South African-owned company which has retail outlets in almost every state in Nigeria attributed the decision to the coronavirus pandemic which has disrupted major businesses globally.
In the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the firm stated: “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.”