In a statement released Monday, the company said it is re-evaluating its operating model and has been approached by many investors willing to take over its Nigerian stores.
It added that it has decided to initiate a formal process to consider the sale of all or a majority stake in its retail supermarkets in the country.
“Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when ShopRite reports its results for the year. Any further updates will be provided to the market at the appropriate time,” read the statement.
CNN contacted ShopRite but the company declined to comment beyond the content of the statement.
In the trading statement, it announced that its South African division grew by 8.7% while sales at its supermarkets outside South Africa (excluding Nigeria) fell by 1.4%.
Tough business climate
Over the years, the company has faced a number of challenges in Nigeria’s tough business climate, including the looting of its stores in response to xenophobic attacks against other African nationals in South Africa.
Nigerians have taken to social media to express concerns about possible job losses if the retail giant closes its operations in the country.
The company CEO, Mark Stirring, announced that Mr. Price closed its market in the country after reevaluating its strategy, to focus on its home market in South Africa.