Choppies supermarket is set to be shut down after four years of operation.
The Botswana-owned company is reported to be on its way out of Kenya after hitting a rough patch in the country’s market.
Further information indicates that the company had placed its assets up for sale through an announcement made during an extraordinary general meeting (EGM).
During the meeting that took place on Wednesday, Choppies Director Wilfred Mpai revealed that the company could not generate revenue.
“Zambia has a steady performance in a volatile economy, Kenya’s distressed business has been identified for disposal. Tanzania and Mozambique are distressed while Namibia is performing as expected,” stated Mpai.
In May this year, the outlet struggled to pay suppliers which led to the termination of CEO Ramachandran Ottapathu.
The firm had been thrown into chaos after its stock exchanges in Botswana and Johannesburg were suspended.
The problems experienced by the foreign supermarket had weakened its ability to compete with the likes of like Carrefour, Shoprite and Game Stores, who had opened stores in order to oust domination from the two leading store giants in the country, Naivas and Tuskys.