OK Zimbabwe Shuts Down 14 Stores

By Staff Reporter
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1490
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November 21, 2025

OK Zimbabwe Limited has announced the closure of 14 stores and a 35% reduction in operating costs as part of a drastic turnaround plan following a severe liquidity crisis. While the retailer successfully raised US$20 million through a rights issue, a critical US$10.5 million from planned property sales remains delayed, hampering its ability to stock shelves and return to profitability.

OK Zimbabwe Limited is undergoing a radical restructuring, closing over a dozen stores and slashing its workforce, as it battles a severe funding gap and operational losses that threatened its existence.

In a market update released on 18 November 2025, the Board of Directors detailed the progress of its turnaround strategy, first necessitated by a US$30.5 million liquidity shortfall highlighted in a cautionary statement earlier this year.

The cornerstone of the recovery plan was a capital raise approved by shareholders at an Extraordinary General Meeting in July. The plan comprised US$20 million from a Renounceable Share Rights Offer and US$10.5 million from the sale of company-owned properties.

The rights offer was fully subscribed, raising the entire US$20 million. However, the company reported a significant setback: the property sales have "taken longer than expected to materialise," leaving the US$10.5 million portion unrealised. While sale agreements for two properties are imminent, the delay continues to strain the company's liquidity

Eleven non-viable stores have been permanently closed, including three Food Lover’s Market outlets whose franchise was not renewed. Three more stores are in the process of being closed, bringing the total to 14.

The company will now focus on a core of 62 strategically located stores.Following the reduction in stores, Head Office support staff has been reduced, with further cuts expected. The company has achieved a 35% reduction in operating costs and targets a further 15% reduction by December 2025.

The company also announced relocations for two stores. The Bon Marche’ in Chisipite will move to a new facility within the redeveloped Chisipite Shopping Centre, while the OK Makoni store will be relocated to a larger, newly constructed space at the Makoni Shopping Centre to improve its competitiveness.

The Board of Directors is also being reconstituted, with new members expected to be announced after the upcoming Annual General Meeting. An interim management team, composed of former executives, remains in place until operations are stabilised.

Engagements with suppliers have led to a partial settlement of debts and the resumption of supplies. However, the company admits that current trading terms have "not allowed adequate stock build-up," leaving shelves understocked and limiting sales potential. Management is appealing to suppliers for extended credit terms to help navigate the crucial summer trading season.

Despite the sweeping changes, the Group acknowledges that revenue remains "below break-even levels," primarily due to limited product supply caused by the liquidity crunch. The delay in property sales is directly impacting the company's ability to procure stock and generate sales.

"Management is confident that some of the properties will be sold and the proceeds paid into the business soon," the statement read, striking a cautiously optimistic tone. The Board affirmed that the Group remains positive about the future and is fully supported by its shareholders as it works toward recovery.

The notice for the Annual General Meeting, where further details on the new board and company direction are expected, is available on the company's website.

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