Zireva Unveils Turnaround Plan To Revive OK Zimbabwe

The just reinstalled chief executive of OK Zimbabwe Supermarkets, Willard Zireva, has pointed out a strategy for the revival of the retail giant.

 

In a recent interview on CapitalkFM’s Business Focus Show, Zireva set out plans to restore financial stability, repair strained supplier relations and rebuild consumer confidence.

 

Zireva, who came out of retirement to take up the role, said he found a company burdened by debt, “with strained supplier relations, empty or near-empty shelves in most branches, and, naturally, declining customer support.”

 

He acknowledged the situation was difficult to see but stressed that it also presented an opportunity for renewal. Said Zireva:

 

“It was painful to see, because OK Zimbabwe has always been a trusted household name.

 

“But I didn’t see defeat — I saw an opportunity for renewal. I must emphasise that the turnaround is a process, not a one-day event.

 

“But I am encouraged by the positive way everyone, our customers, suppliers and staff, is walking with OK Zimbabwe on this journey.”

 

To tackle its immediate financial challenges, OK Zimbabwe has raised US$20 million through a rights issue and expects to secure a further US$10.5 million from the sale of immovable assets.

 

Zireva said the fresh capital has allowed the company to partly settle its debts and reinforce working capital.

 

He added that the retailer has reopened dialogue with suppliers and is renegotiating terms to guarantee a steady flow of products to its stores.

 

Zireva outlined a three-pillar roadmap for the company’s revival. The first pillar, financial stability, centres on completing debt repayments, safeguarding working capital and ensuring consistent product availability.

 

The second, operational excellence, involves streamlining costs, refurbishing selected stores and retraining staff to deliver world-class service.

 

The third pillar, transparency and governance, focuses on reconstituting the board, tightening internal controls and providing regular, open updates to investors and the market.

 

The Herald