Shoprite Holdings Limited, has revealed that it has commenced plans to auction off its outlets in Nigeria.
The South African retail megastore company with presence in most Nigerian cities hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.
This is coming about 15 years after it opened its first store in Lagos in December 2005.
The disclosed the information in its “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday.
The update 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.”
The company, which provides jobs for more than 2,000 Nigerians, has over 25 stores across eight states of the Federation.