LOCAL directors of Power Sales, one of Zimbabwe’s largest clothing retail chains, are in talks to buy out South Africa’s Pepkor.
BY MTHANDAZO NYONI
Pepkor, which controls about 20 local Power Sales retail branches, announced this week that it had decided to exit Zimbabwe after the local operation posted a R70 million loss.
However, in a statement yesterday, Power Sales said the decision by Pepkor would not affect its operations in Zimbabwe.
“Power Sales would like assure our valued customers and business partners that Power Sales is not closing,” the company said.
“Please be assured that while it is a fact that Pepkor is exiting Zimbabwe, Power Sales is not closing. Final negotiations are in place with the relevant parties to conclude terms of sale between Power Sales’ resident directors and Pepkor,” it said.
Power Sales said since July 2019, it had changed its business model by supporting local manufactures.
“This has been a great success. We know our business and we look forward to many years of partnership together,” it said.
Power Sales is one of the oldest clothing retail chains in Zimbabwe, having opened its shop in the country 40 years ago.