ChoppiesReuters reports that Botswanan budget retailer Choppies Enterprises says it plans to sell its stores in SA as growth stutters and unemployment soars in the country.  

The company, whose stock is currently suspended from trading on its primary bourse in Botswana, as well as on the Johannesburg stock exchange, operates 88 stores in SA.  The company indicated as follows after completing a strategic review of its business:  “Exiting the South African market is the appropriate strategic decision for the company.  Choppies has commenced a process which may result in the divestment of Choppies Supermarkets SA (Pty) Ltd in whole or in part.”  Choppies, which operates in eight African countries, saw its shares plunge by more than 60% last September after announcing a delay to the publication of its financial statements.

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