OK Zimbabwe Limited faces serious money problems and wants to sell four stores to raise cash. The retail company trades on Zimbabwe's stock exchange and needs 10.5 million dollars fast. Company leaders announced plans to sell valuable properties across the country. The business struggles with debt payments and cannot pay suppliers on time. Legal troubles may start if creditors take action against the firm.
Directors want to sell OK Mbuya Nehanda store from central Harare along with three other locations. OK Gweru, OK Glen View, and OK Malvern stores will also go up for sale. The company plans to sell one warehouse and two empty business plots as well. Margaret Munyuru serves as company secretary and explained the sale strategy. She confirmed that all money from sales will help restock empty shelves.
The retail giant owes 30 million dollars to various creditors as of February 28, 2025. Store shelves stay empty because the company cannot afford new products. Competitors have taken market share from OK Zimbabwe during tough economic times. Rising prices and currency problems hurt the business badly. Management hopes asset sales will save the company from collapse.
Shareholders must approve the property sales before any deals can happen. The vote will take place within the next few weeks. Company officials believe these sales represent the best path forward. The strategy aims to restore normal operations and satisfy angry creditors. Success depends on shareholder support for the emergency plan.
Directors want to sell OK Mbuya Nehanda store from central Harare along with three other locations. OK Gweru, OK Glen View, and OK Malvern stores will also go up for sale. The company plans to sell one warehouse and two empty business plots as well. Margaret Munyuru serves as company secretary and explained the sale strategy. She confirmed that all money from sales will help restock empty shelves.
The retail giant owes 30 million dollars to various creditors as of February 28, 2025. Store shelves stay empty because the company cannot afford new products. Competitors have taken market share from OK Zimbabwe during tough economic times. Rising prices and currency problems hurt the business badly. Management hopes asset sales will save the company from collapse.
Shareholders must approve the property sales before any deals can happen. The vote will take place within the next few weeks. Company officials believe these sales represent the best path forward. The strategy aims to restore normal operations and satisfy angry creditors. Success depends on shareholder support for the emergency plan.
