OK Zimbabwe Limited has closed 11 non-viable stores, including three Food Lover’s Market outlets, reducing its total operations to 62 locations. The retailer cited declining revenue driven by supply chain issues, exchange rate instability, and intense competition as reasons for the downsizing. It reported an annual loss exceeding 25 million US dollars.
The company has undertaken several financial measures, including a renounceable rights offer that raised 20 million dollars and a plan to sell freehold properties to address its debt of over 30 million dollars. A further three stores are currently being shuttered as part of the restructuring.
Operating costs have been reduced by 35 percent, with an additional 15 percent cut planned. The retailer has also exited its pharmacy business and is redeveloping properties, including the Chisipite Shopping Centre, to improve its competitive position.
The company has undertaken several financial measures, including a renounceable rights offer that raised 20 million dollars and a plan to sell freehold properties to address its debt of over 30 million dollars. A further three stores are currently being shuttered as part of the restructuring.
Operating costs have been reduced by 35 percent, with an additional 15 percent cut planned. The retailer has also exited its pharmacy business and is redeveloping properties, including the Chisipite Shopping Centre, to improve its competitive position.
