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Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg (824 Views)

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Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by biafranbaby(m): 12:50pm On Feb 19, 2016
Truworths International Ltd. closed its two remaining Nigerian stores last month as stringent regulation of stock imports and rising costs made it too difficult for the South African retailer to operate in Africa’s biggest economy.

The clothing company struggled to get stock into Nigeria and cash out of the country, Chief Executive Officer Michael Mark said in a phone interview on Friday. Truworths’ dollar rental bill also soared as the rand weakened against the U.S. currency, he said.

“The regulations were making it extraordinarily difficult to get stock into the stores,” Mark said. “We can’t get money out, so there was no point any longer.”

...

Truworths is expanding in countries outside South Africa as economic growth and consumer spending remain under pressure in its domestic market. The Cape Town-based company bought a majority stake in U.K. shoe chain Office Retail Group Ltd. last year, and also has stores in sub-Saharan African countries including Kenya and Botswana.

“The stores in countries bordering South Africa are doing well and in Ghana it’s O.K.,” Mark said. “It’s just Nigeria that’s not and we would go back there if everything changes. This is not a permanent thing, we will see what happens.”

http://www.bloomberg.com/news/articles/2016-02-19/truworths-exits-nigeria-due-to-tough-regulation-rising-costs
Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by biafranbaby(m): 12:52pm On Feb 19, 2016
Body odour.

2 Likes

Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by Dindera(m): 1:13pm On Feb 19, 2016
Too bad

1 Like

Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by crestedaguiyi: 1:20pm On Feb 19, 2016
were is seun, he is one of those who promoted change but now lack words to defend it

2 Likes

Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by Wizprodigy: 1:29pm On Feb 19, 2016
BUHACONOMICS 101
Factors that can improve the economy
1. Body language(aka body odour).
2. Blame Gej.
3. Budget more on propanganda and acquire more media aide.
4. Intergrity abi na insincerity.
5. Fight corruption with a corrupt budget.
6. Forget about any economic policy, i am your saviour.

3 Likes

Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by Wizprodigy: 1:30pm On Feb 19, 2016
Lalasticalala
Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by chubhiee: 1:44pm On Feb 19, 2016
I stand with Buhari though all companies fold up and 1$=1000k naira. God bless Mr President.
Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by joeprince23(m): 1:46pm On Feb 19, 2016
Choi!!!!! Buhaari is destroying our economy just under a few months,most multinationals are leaving nigeria even haliburton premises trans-amadi PH is under lock and key,shoprite is closing is mall at effurun warri,KFC is stall at polo part mall enugu is under lock and key since this dollar crises and the list goes on
Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by banki(m): 1:55pm On Feb 19, 2016
Did truworths ever make profit in nigeria?

Who goes there?

They have always been in botswana not big news?

We have local fabrics and now we want to buy nigeria
Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by AZeD1(m): 2:00pm On Feb 19, 2016
If you have shouted "Buy Nigeria to grow the Naira" and you don't see this as good news then you have a problem.
Re: Truworths Flees Nigeria. Invests In UK, Kenya And Botswana. - Bloomberg by SylarsMcQuins: 2:05pm On Feb 19, 2016
Where they ever here?. Never heard of em though so they are free to go, The change is too much for them o handle....

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