Another South African Firm Exits Nigerian Market

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CEM REPORT, RETAIL | Game Discount World Limited, which runs the Game Stores in Nigeria, has revealed plans to close its shops and exit the Nigerian market by December 25, 2022.

The decision was contained in a letter dated October 26 which comes after a previous announcement to sell its Nigerian assets to Xanderwill Limited.

According to the letter signed by Game Vice President of Merchandise, Neville Hatfield, the company will empty all its stores through a stock clearance sale.

“On October 4, 2022, we notified you that we had initiated potential Game store closure consultations with our staff members in Nigeria. These consultations follow a decision to discontinue the process to sell our Game Stores in Nigeria to Xanderwill Limited. 

“We also committed to providing you with a further update as soon as we had clarity on the way forward, following consultations with our staff, which have now been completed. Unfortunately, in the present circumstances, we feel that there are no reasonable alternatives to store closure. This has been an exceptionally difficult decision to take and we recognize that it will be a source of disappointment for many. In the case of Game staff members, our undertaking is to provide severance packages in recognition of their service to our company.

“Similarly, we will meet our outstanding commercial commitments to our business partners in Nigeria. In terms of immediate next steps, it is our intention to initiate a stock clearance sale in our stores in Nigeria. 

“We anticipate that the last trading day for Game Nigeria will be on 25 December 2022. We will contact you within the next weeks to finalize commercial expectations and arrangements with you. Thank you for your service to Game Nigeria, we are so sorry that we have been unable to continue our operations in your country.”

Game is the second South African retailer to exit the Nigerian market after Shoprite last year

 

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