Malawi Economic Crisis: Peoples Trading forced to close shops

At a time when Malawi’s economy continues to fall out, retail outlet Peoples Trading Center Limited says it will close 20 out of its 85 shops across the nation due to continued losses, Malawi24 can confirm.

The retailer, a subsidiary of conglomerate Press Corporation Limited (PCL) made this during a presser on Monday.

According to Peoples General Manager Ken Mthuzi, this has been done in a bid to ‘re-position selected shops for the company and maximize profitability.’

“The main reason for the closure was profitability; we looked at the shops that were making profits. The second one was on the issue of logistics; we have to review how we access such shops,” he told the presser.

However, the Mthuzi said that the move will not see officers lose their jobs but they will be relocated to the shops that will still be running.

‘’As management to ensure that this initiative is implement with minimum incontinence to our customers, supplies and other stakeholders and with very minimal effect on our members of staff.

“In those 20 shops we are closing we have 202 employees and none of those employees is being retrenched, so we are retaining all our employees,” said Mthuzi.

The company will seal shops at Chileka, Chilomoni, Magalasi and Dalton Road in Blantyre.

As of today, shops at  Luchenza Municipality in Thyol, Muloza in Mulanje, as well as Mangochi Express in Mangochi, Malosa outlet in Zomba, and Kamwendo in Mchinji, and Namitete in Lilongwe with shops in have Ntcheu, Kasungu, Dowa among others have all been closed.

Recently, business people in Malawi  complained about low profits in the business sector due to the country’s economic situation.