Shoprite to close Abuja branch by June 30, cites financial reasons
Connect with us

Business

Shoprite to close Abuja branch by June 30, cites financial reasons

Published

on

Shoprite Mall has announced that it will be closing its branch located at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024.

This decision comes after a thorough evaluation of the store’s financial situation and the current business climate, according to a circular signed by CEO Dr. Folakemi Fadahunsi on Monday.

The circular states: “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.

Read also: Soldiers arrest bandits, gunrunners in Plateau, Kaduna, recover weapons

“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.

“The company will review its accounting records over the next 60 days to settle outstanding balances and will contact vendors to confirm the amount owed and discuss a suitable payment schedule.”

Shoprite expressed gratitude for past business and offered assistance during the transition.

This closure is part of a larger trend of multinationals leaving Nigeria, with the most recent example being Diageo’s sale of its 58.02% shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version