Southern Africa: South Africa's Pepkor Pulls Out Of Zimbabwe

Pepkor's website.
26 November 2019

Cape Town — South African retailer Pepkor Holdings has announced that it will exit Zimbabwe after an economic crisis in the country hurt its performance, Reuters reports.

The news agency quotes a Pepkor statement as saying: "The decision to exit Zimbabwe was based on the continued adverse macroeconomic conditions affecting trading and the weakening currency."

ZimLive.com reports that Pepkor operates retail shops under the Pep brand in South Africa. In Zimbabwe, the company was operating as Power Sales, after buying one of the country's most recognisable retail brands.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.