GIANT chain supermarket, TM Pick n Pay is set to close its retail outlets in the Chikanga and Dangamvura suburbs of Mutare today (Tuesday June 10), Mutare Celebs Media has learnt.
Following notification last month to write-off its entire investment in Zimbabwe, the giant retail is shutting some of its shops across the country; attributing the move to continued incurring losses.
Pick n Pay is a prominent South African retail group operating in Zimbabwe in association with TM Supermarkets, a division of Meikles Limited.
TM Pick n Pay operates 74 outlets across Zimbabwe, and in its financial reports stated that it had suffered an unrecognised loss of 51 million Rand for the financial year ending March 2, 2025.
“The group accounts for its investment in associate under the equity method of accounting in accordance with IAS 28, Investment in Associates and Joint Ventures. The group’s investment in TM Supermarkets was impaired to nil in the prior period,” Pick n Pay said in its audited financial statements.
