PEP has closed its last 20 stores in Zimbabwe due to a tough operating environment.
In a statement issued yesterday, PEPKO revealed that the company will lose R70 Million to the exit through imparement and write off of assets.
PEP had over 200 stores in Zimbabwe including shoe city, Ackermanns, PEP Stores and has been operating in Zimbabwe for over 20 years.
The biggest challenge for foreign companies operating in Zimbabwe is the inability to convert their earnings into foreign currency through a formal channel.
