Retail giant OK Zimbabwe shareholders met today and have approved the company’s turnaround plan, it involves raising US$20 million from shareholders and another US$10.5 million from selling some of its properties.
The company plans to sell some properties, including the Birmingham warehouse, plus OK Mbuya Nehanda, OK Glenview, Gweru and other assets.
Some of the envisaged methods will see OK board also being replaced to ‘inject fresh perspectives.’
New management will be appointed at the end of the financial year. OK will reassess brand strategy. Currently, OK is segmented into OK Zimbabwe, OK Mart, Bon Marche, Alowell and Food Lovers.
It will remain with just Bon Marche, OK Zimbabwe, and OK Mart. It is shutting down underperforming shops and launching an online store, OKShopEasy. New outlets will be opened where profitable.
Zwnews
