Food Lovers Market franchise operating at Gateway Mall in Lilongwe has closed business due to Forex shortage.
In a statement which we have seen, shareholders of OneStep Trading (Pty) Ltd, the operators of the Food Lovers Market franchise said they decision was not taken lightly but is necessitated by the prevailing and challenging trading environment, including the severe forex shortages and diminishing consumer disposable income.
“Despite management’s best efforts to navigate these challenges, the business has become unsustainable, incurring significant financial losses at an unsustainable rate. As a result, the Shareholders have passed a resolution to wind down operations in an orderly manner.
“Please be assured that the Directors, in collaboration with management, are committed to ensuring a structured and responsible closure process. Our priority is to protect the interests of our valued suppliers and stakeholders to the best of the company’s legal and financial ability. We will engage with you individually to discuss outstanding obligations and a mutually feasible way forward during this transition period.
“We appreciate the support and partnership you have provided over the years and deeply regret the impact this closure may have on your business. Our team will be in contact shortly to discuss the next steps.
“Should you have any immediate concerns or inquiries, please do not hesitate to reach out to Mr. Bukhosi Sibanda at phone number: 0992 76 84 24 or Mr. Lloyd Malola at Phone Number: 0996 85 18 81. We sincerely thank you for your understanding and cooperation during this challenging period,” reads the statement signed by Arson Malola on behalf of obo Management
