Botswana’s budget retailer Choppies to depart 3 more African countries


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Botswana’s budget retailer Choppies to depart 3 more African countries

Late on Friday, the 13th of December 2019, Botswana’s budget retailer, Choppies, which had shrugged off more than 60 per cent of its market cap on September this year following a delay to its release of financial statements and remained suspended from Botswana Stock Exchange for over three months, had issued a statement saying that the loss-making company would depart three more African markets aside from its South African operations.

In point of fact, as the Botswana’s budget retailer had been languishing lavishly to fund its operational cost in a number of African nations amid an abrupt downswing of its sales following steep competition from big-league international rivals alongside smaller home-grown retailers, Friday’s (December 13th) announcement came into light a day after the company said it would sell its South African operations for a dumbfounded total of $0.06 cents, remarking the extent of operational cost and stiffer competition that made it entirely impossible for the Botswanan firm to fathom a profit.

Meanwhile, adding that the Choppies would ditch out its operations in Kenya, Tanzania and Mozambique after South African business, which in effect would have halved the company’s footmark in Africa in to just four countries such as Botswana, Zimbabwe, Namibia and Zambia, the company said in a statement in the Botswana Stock Exchange late on Friday (December 13th), “Negotiations to sell the Tanzanian subsidiary are at an advanced stage, while the boards have also taken a decision to downscale its operations in Kenya and dispose of the stores to the local operators. ”