Games Stores exit Nigeria, close all retail outlets
South African retail giant, Game Discount World Limited, which runs the Game Stores in Nigeria is finally closing all its retail outlets. By the end of November, the retail giant which is the second-largest distributor of consumer goods in Africa would have finally distributed its general merchandise and finally closed shop completely no thanks to the currency’s volatility and weak consumer demand. The company had initially planned to sell its Nigerian assets to Xanderwill Limited but eventually emptied all its stores through a stock clearance sale.
About a month ago, the Vice President of Merchandise at Game, Neville Hatfield, had explained that closing shop was an extremely difficult decision to take. “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. “In terms of immediate next steps, it is our intention to initiate a stock clearance sale in our stores in Nigeria.” Nigeria isn’t the only African country the Game Store is exiting.
It plans to sell its assets in Ghana, Uganda, Kenya, and Tanzania.
This followed a similar action by South African retail stores, Shoprite and Mr Price, both of which exited Nigeria last year.