Nigeria’s Shoprite in Wuse Store shuts down over Poor Financial Performance

Date:

Retail Supermarkets Nigeria Limited (RSNL), the operator of the Shoprite franchise in Nigeria, has announced the closure of its Wuse store located in Novare Wuse Central Mall, effective June 30, 2024, due to poor financial performance.

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According to a press statement signed by Folakeni Fadahunsi, the Chief Executive Officer of RSNL, the decision follows a comprehensive evaluation of the store’s financial performance and the prevailing business environment in Nigeria.

“This decision is made with our long-term growth in mind,” Fadahunsi stated. “We believe this is the best course of action for our organization’s future.”

Fadahunsi added that all operations at the Wuse, Abuja location will cease as of June 30, 2024, and all associated service contracts will be terminated. The company assured that any outstanding balances will be addressed within the next 60 days, with a careful review and confirmation of amounts owed to service providers.

“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us,” Fadahunsi said in a statement to stakeholders and service providers.

He also noted that the closure of the Wuse store marks a significant shift in the company’s operations, reflecting broader challenges facing the retail sector in Nigeria. Stakeholders and customers are advised to direct any inquiries to the company’s headquarters.

Retail Supermarkets Nigeria Limited remains committed to its customers and stakeholders and will continue to explore opportunities for sustainable growth in other locations across the country.

OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

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