Companies

Choppies sells dead stock to raise cash

chopies

A Choppies supermarket branch in Nairobi. FILE PHOTO | NMG

Struggling Botswana retailer Choppies has opted for a fire sale to get rid of dead stock bulky electronics and focus on fast moving consumer goods to manage cash crunch at the business.

In a notice in the dailies, Choppies through Dyer and Blair is seeking to sell the inventory, inviting bidders who are to make a refundable deposit of Sh10 million.

“The bidders will have an opportunity to view the assets and subsequently conduct due diligence in order to submit final binding purchase offers,” the notice by Dyer and Blair read.

Friday notice

The retailer however disowned the Friday notice saying that it has not struck any deal to sell the electronics even as it continues to shut down its branches amid the mounting debts.

“No we do not have any agreement with anyone to sell,” Parin Patel of Choppies said in a phone response to the queries by the Business Daily yesterday.

Choppies has been under intense cash flow crisis that saw it shut three branches and send home 200 workers this year.