Economic Crisis: Shoprite to Shut Down Another Branch By June 30

Shoprite Has Announced Its Decision to Shut Down Another Branch By June 30 Due to Current Economic Crisis

Jun 25, 2024 - 04:41
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Economic Crisis: Shoprite to Shut Down Another Branch  By June 30

By:Israel Adeleke

Shoprite has announced its decision to close one of its branches in Abuja starting on June 30, 2023,  over Nigeria's ailing conomy.

OPEN TELEVISION Naija gathered that this significant development was disclosed through a circular signed by the Chief Executive Officer, Dr. Folakemi Fadahunsi, on behalf of the retail supermarket.

The circular which outlined the reasons behind this decision, attributed it to the prevailing financial situation in the country and the challenging business climate.

The circular explained that this decision has been made after a thorough evaluation of the store’s financial situation and the current business climate.

Furthermore, the circular indicated that the company would be conducting a review of its accounting records over the next 60 days to ensure that all outstanding balances are settled.

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days.

We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule,” the circular explained.

However, the circular expressed deep regret for any inconvenience caused by this closure but emphasized that it is a necessary step for the long-term growth and sustainability of the organisation.

“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." the statement said.

The circular concluded by expressing gratitude to all service providers and partners who have contributed to the store’s operations.

“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us,” it added.

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