OK, Zimbabwe is trying to offload another 17.2 million dollars in real estate after already planning to dump 10.5 million worth of buildings, as the retailer gets crushed by working capital problems that are keeping shelves empty. The company already raised 20 million dollars and paid suppliers half their old debts, but stores still cannot stock enough products because trading terms are terrible and money stays tight.
Revenue got absolutely demolished by 84 percent to just 28.26 million dollars, while the business racked up a 17.81 million dollar loss and stayed technically broke with 47 cents available for every dollar owed short-term. Chairman Herbert Nkala said power costs hit 5.3 million dollars alone because electricity keeps cutting out, and the retailer secured 19.6 million in banking facilities with 12.3 million still available to draw.
Management thinks selling properties through leaseback deals will finally give them enough cash to restock inventory and get back to breaking even, though buyers are still getting evaluated for the first batch.
Revenue got absolutely demolished by 84 percent to just 28.26 million dollars, while the business racked up a 17.81 million dollar loss and stayed technically broke with 47 cents available for every dollar owed short-term. Chairman Herbert Nkala said power costs hit 5.3 million dollars alone because electricity keeps cutting out, and the retailer secured 19.6 million in banking facilities with 12.3 million still available to draw.
Management thinks selling properties through leaseback deals will finally give them enough cash to restock inventory and get back to breaking even, though buyers are still getting evaluated for the first batch.
