PTC closes 20 shops: ‘Trying harder in Malawi economic turmoil’
Peoples Trading Centre (PTC) Limited, a subsidiary of Press Corporation Limited (PCL), one of Malaw’s oldest companies as well as biggest retailer shops is closing down 20 shops as the economic situation gets worse in this tiny landlocked country.
PTC chief executive officer Ken Mthunzi told a news conference at PTC headquarters in Blantyre on Monday that the move is strategic for business growth amid tough economic environment.
Mthunzi however said the 202 workers in these shops will not be fired as they would just be transferred to other shops.
“What we have done is to reposition our business so that we should be making profits from those shops,” Mthunzi said.
“The closed shops were operating at a loss and we thought that it was sensible to maintain them.”
Among the closed shops are Luchenza Municipality in Thyolo, Muloza in Mulanje, Mangochi Express in Mangochi, Malosa outlet in Zomba, Kamwendo in Mchinji, Namitete in Lilongwe .
Other shops that have been closed are Ntcheu, Kasungu, Dowa close Chileka, Chilomoni, Magalasi, Dalton Road in Blantyre.
He said: “The decision is part of the company’s overall strategic initiative of business consolidation and growth aimed at improving customer’s accessibility to the shops and increasing productivity.”
This is not the first time that PTC has reacted in this way due to the economic crisis under the former Minister of Finance and Economic Affair Mathews Chikaonda for Press Group of companies.
Last year most companies have complained of tough times due to economic crisis the country is facing.
Malawi Revenue Authority (MRA) the national tax collector has failed to meet its target as the Peter Mutharika administration grapples with zero aid budget as traditional donors and partners have opted to freeze aid to among other things cashgate.
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Which Kasungu People’s has bin closed? Zabodza zimenezi, am in the same Shop buying bread right now.
PTC was doing well in those days because foreign trading businesses could not have been allowed in Malawi. There was no good reason why we could need them in Malawi and Kandodo was another alternative for foreign merchandise. Countries protect their domestic businesses by blocking entry if companies that just finish our forex for importing even eggs and vegetables.South Africa protects her domestic businesses such as car manufacturers. No scraps we buy here are allowed entry on the local market. Secondly PCL CEO has never done any good to the group. This at one time mighty business with a healthy… Read more »
CHIKAONDA CHIKUWONDESA PCL INSTEAD OF KUKULISA BUSINESS
Since Mathews Chikaonda took over the management of PCL in 2002 forced by one AKB, this guy has shrunk the size of the group to 10% of what it is today.He managed to close down Press Agriculture, Maldeco is struggling, Press Cane is suffering, Carlsberg makes very little profits and closed a number of subsidiaries.Chinanso bambowa kudya mkhola momo has spoilt the management set up.The bonuses they pay each other at Head office, the car allowances that Directors get in millions per month are not warranted.If one looks at the PCL Balance shet and you remove NBM revenue, PCL is… Read more »
Malawi Is Still Detoriating Interms Of Economic Development. This Is A Very Sad Motion
#44 u r more than an Idiot!!!!!
Zinayamba chomchi ndi Hardware & General Dealers yomwe inali ponse ponse m’Malawi. History is just repeating itself with Chikaonda at the helm. Twenty shops were closed, then another ten then five then the whole company. Tiyeni nazoni!!! But main problem is that these companies die because they fail to compete with other traders, they are top-heavy and management are clueless as to what they can do to change with times. Kamuzu should be turning and turning in his grave to see his dreams going to waste. Shame!!!
Hahaha kma vuto amakhala ma big man spending lots of money pamene akuwona kti sizikuyenda bwino
That’s the consequences of employing managers who are not qualified. That’s the consequences of not using computers in the shops. Its very difficult to detect fraud if you are on manual systems. If you find a manager with a Junior Certificate at the Head Office, what about in shops. Cheap labour cost them a lot. See how much the employees are getting from PTC. These employees know the tricks for survival. They will be closing for sure. Not innovative management
Our Governor says he was suprised how businesses are operating, well Mr Chuka have you now seen the effects of kwacha loss, people dont have money, the kwacha loss has eroded peoples purchasing power, and this will mean more businesses will close down, Government needs to act now and stablise the kwacha before we turn into beggars.