Botswana-based supermarket chain Choppies has restructured its outstanding loan estimated at $56 million, as part of tactical measures intended to breath life into a firm weighed down by deepening losses attributable to challenging business environment in East African region. FILE PHOTO | NATION MEDIA GROUP
Choppies Supermarket—which has its roots in Botswana—has revealed plans to exit the Kenyan market four years after acquiring Ukwala stores for Ksh1 billion ($10 million). The retailer has been struggling to grow market share in an increasingly competitive retail market characterised by the merger of some of its rivals like Quick Mart and Tumaini and the declining fortunes of erstwhile big players like Uchumi and Nakumatt.
The retailer held an extraordinary general meeting (EGM) with its shareholders on Wednesday, during which it announced that it had listed its Kenyan assets for sale. It had also classified its 12 stores as distressed.
