๐ญ๐ถ๐บ๐ฏ๐ฎ๐ฏ๐๐ฒ: ๐ฅ๐ฒ๐๐ฎ๐ถ๐น ๐๐ถ๐ฎ๐ป๐ ๐ข๐ ๐ญ๐ถ๐บ๐ฏ๐ฎ๐ฏ๐๐ฒ ๐๐ผ๐ฒ๐ ๐จ๐ป๐ฑ๐ฒ๐ฟ ๐๐ผ๐ฟ๐ฝ๐ผ๐ฟ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐๐ฐ๐๐ฒ ๐๐ณ๐๐ฒ๐ฟ ๐ ๐ฎ๐๐๐ถ๐๐ฒ ๐๐ผ๐๐๐ฒ๐, ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ผ๐น๐น๐ฎ๐ฝ๐๐ฒ
EMBATTLED retail giant OK Zimbabwe has been placed under Corporate Rescue following a resolution passed by its board of directors, as the company battles a deepening financial crisis marked by heavy losses, store closures and declining creditor confidence.
Once regarded as one of Zimbabwe’s largest and most dominant retail chains, the company is now navigating severe viability challenges amid mounting operational and financial pressures.
For the financial year ended 31 March 2025, OK Zimbabwe reported a devastating net loss of US$25 million, representing a sharp reversal from prior profitability. Revenue also declined significantly, plunging by more than 52% to approximately US$245 million due to a combination of structural and economic challenges.
A formal notice issued by the company confirmed the board’s resolution to voluntarily place the business under Corporate Rescue proceedings.
“You are hereby notified that the Board of Directors of the Company adopted a resolution on the 23rd of February 2026 in accordance with Section 122 of the Insolvency Act that the Company voluntarily commences corporate rescue proceedings and that Mr Bulisa Philimon Mbano be appointed as the Corporate Rescue Practitioner,” the company said.
The notice further stated that the resolution to commence voluntary Corporate Rescue proceedings, in terms of Section 122 (2)(b) of the Insolvency Act, together with supporting documentation, was filed with the Master of the High Court and the Registrar of Companies on 24 February 2026.
The Effective Date, marking the official commencement of Corporate Rescue proceedings in line with Section 125 (1)(a)(i) of the Insolvency Act, was also confirmed as 24 February 2026.
Supporting documents submitted included the board resolution and a sworn statement outlining the facts and grounds upon which the decision was based.
“Further and pursuant to the board resolution appointing Mr Bulisa Phillimon Mbano as the Corporate Rescue Practitioner was filed with the Master of the High Court and Registrar of Companies in terms of Section 122 (4) (a) on the 25th of February 2026,” reads the notice in part.
Corporate Rescue proceedings are designed to allow financially distressed companies an opportunity to restructure their operations, stabilise finances and avoid liquidation, while protecting the interests of creditors, employees and other stakeholders.
The development marks a critical turning point for OK Zimbabwe as it seeks to recover from one of the most challenging periods in its history.
