After many years of business operation in Nigeria, Shoprite has resolved to sell all of its stores in the country.
It could be recalled that Shoprite which has one of the largest supermarket chains in Africa, had closed down its stores in parts of the country many months ago after vandalization by some hoodlums.
However, after months of reopening the same for operations, the company announced on Wednesday its intention to sell the supermarkets in the country to local investors. The 25 stores that the group owns in Nigeria will therefore become franchises, TrillerTunes understands.
Shoprite had operated and gained recognition in Nigeria in the last 16 years. However, with the latest development, the company becomes the latest South African company to exit the country in the past ten years. Other groups like Woolworths or Mr Price had done the same a few years ago, in particular, because of the difficulties in the supply chain and for the repatriation of funds.
The development also means that over 141,000 people employed by the South African giant business in Nigeria will lose their jobs, TrillerTunes reports.