Сбор средств в 20 млн долларов не спас OK Zimbabwe: поставщики отказались работать, а выручка упала в 16 раз

OK Zimbabwe’s US$20 million rights issue, which was intended to restore the retailer’s financial position and unlock supplies, has come under scrutiny after most suppliers reportedly failed to resume meaningful deliveries despite receiving partial payments. The retailer raised US$20 million from shareholders in 2025 as part of a turnaround strategy, with a substantial portion earmarked for settling legacy debts to suppliers and other creditors. The company subsequently entered corporate rescue in February 2026 with debts of about US$37.4 million. According to analyst Brian Sedze, the strategy was based on agreements with suppliers that they would resume deliveries after receiving half of what they were owed, with the remaining balances expected to be cleared from increased trading. But Sedze said the plan failed to restore the supply chain. “The majority of suppliers never came back after payment. They supplied zilch!” Sedze said. He said some suppliers demanded full settlement of their outstanding balances before resuming business, despite the earlier agreements, while only a small number returned and supplied mainly slow-moving products. Munyaradzi Hoto, who has analysed the company’s collapse, said the US$20 million ultimately reduced debt without restoring the supplier credit on which a supermarket depends. “The US$20 million raised in August 2025 bought debt reduction, not credit,” Hoto said. Hoto said roughly half of the capital went towards partial settlement of legacy trade debt, while about US$1.6 million was used to address salary arrears. The corporate rescue practitioner’s report reportedly found that suppliers expected to resume deliveries following partial settlement, but most did not supply at all, while those who resumed did so at very low levels. The failure to restore supplies came at a critical time for OK Zimbabwe, whose sales had already collapsed. For the financial year ended March 31, 2025, revenue fell 52% to about US$245.2 million from US$511 million the previous year, while the company’s loss widened to approximately US$25 million. The deterioration accelerated during the six months to September 2025, when revenue fell 84% to about US$28.3 million. By February 2026, the retailer’s total debt had reached approximately US$37.4 million, with about US$24 million owed to suppliers. Its current liabilities stood at US$38.7 million against current assets of US$12.8 million. Hoto said the figures demonstrated the importance of supplier confidence to a supermarket business. “A supermarket does not principally own stores; it owns a position in a credit chain,” Hoto said. According to Hoto, suppliers effectively finance supermarkets by allowing them to receive stock, sell it and pay for it later. The withdrawal of that credit severely affected OK Zimbabwe’s ability to keep its stores stocked, resulting in further declines in revenue and cash flow. The company’s monthly revenue reportedly fell from about US$21.7 million in January 2024 to US$1.3 million in January 2026, while units sold declined from 208 million to 32 million. The rescue has also exposed broader concerns about OK Zimbabwe’s internal controls and investment decisions. Among the issues highlighted in the rescue process was the procurement of 62 vehicles for the 2024 OK Grand Challenge when 31 were reportedly required, resulting in additional expenditure of about US$560,000. The company also invested about US$5 million in Food Lover’s Market, US$3 million in a Bon Marché outlet in Marondera and approximately US$800,000 in Alowell Pharmacies. The ventures were subsequently closed. Meanwhile, efforts to raise additional liquidity through property disposals generated about US$8.7 million against a target of US$27.7 million. Proceeds from the sale of properties in Gweru and Malvern reportedly included US$2.6 million used to settle obligations to NBS Bank. Sedze said the US$20 million could have been deployed differently to strengthen the retailer’s supply chain. “That US$20 million was a missed opportunity to decentralise procurement/payments and implement consignment stock arrangements that are paired to BOSS banking,” he said. The crisis has since extended to employees. OK Zimbabwe had 3,311 employees as at March 2025, while a Joint Works Council resolution in May 2026 provided for workers to continue reporting for duty without pay until the business generated sufficient revenue to resume salaries. The company was placed under corporate rescue with effect from February 24, 2026, with Grant Thornton’s Bulisa Mbano assuming control of the business. Trading in OK Zimbabwe’s shares on the Zimbabwe Stock Exchange was suspended following the rescue filing. The collapse has occurred against a difficult operating environment for Zimbabwe’s formal retailers, which have faced exchange-rate distortions, rising operating costs and growing competition from informal traders. Sedze said the company’s major institutional shareholders should consider their options if the business cannot be restored. “Old Mutual and National Social Security Authority should cut losses for pensioners and investors by liquidating this,” he said. Discover more from Nehanda Radio Subscribe to get the latest posts sent to your email.