Al Shaya Group Shuts Down Multiple Affiliate Branches in Egypt
The company attributed the closure to ‘the economic situation and the challenges faced by foreign companies in Egypt’.
Global chains Debenhams, Mothercare, The Body Shop, and Pinkberry are closing their branches in Egypt, as stated by a spokesperson for the Kuwaiti Alshaya Group to Cairo 24.
“Due to the economic situation and the challenges faced by foreign companies in Egypt over the past three years, we have made an exceptionally difficult decision to downsize our operations in Egypt,” read the company’s statement.
The company is reducing the number of its affiliated branches across Egypt and temporarily closing American brands American Eagle, Bath & Body Works, Rex, H&M, and Victoria's Secret. The Kuwaiti company has led and invested in projects for 18 years.
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