SA Superstores Shoprite Kick Starts Moves To Leave Nigeria, Auctions Its Outlets

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Due to COVID-19 pandemic effects on businesses,

South African superstores, Shoprite Holdings Limited, has stated it will auction its outlets in Nigeria.

This was disclosed by The Nation Online.

In its “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the megastores with presence in virtually all parts of Nigeria said the retail supermarkets arm will be disposed.

The update reads: “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.