A cautionary note was released on the 29th of November stating that Choppies supermarket was set to be sold.
According to the note the choppies supermarket in Zimbabwe have become more of a liability than assets as other branches have to keep pumping in money for it to be operational.
“Choppies as a group needs more capital to support it’s Zimbabwean operations for extended periods and has already invested significant capital to support the operations,”it stated.
The closure and sell of choppies supermarkets in Zimbabwe will lead to those employed by choppies losing their jobs.
This also comes as bad news to those who supplied for choppies as it mean they would lose a big customer.
According to Africa Risk Reward Index report for 2024 investing in Zimbabwe is more risk as there is now low returns.
Choppies stated that it’s departure and plan to sell is because of the shift to informal sector in Zimbabwe.
