Kuwait’s Alshaya Group to close several stores in Egypt over EGP devaluation

Kuwait’s Alshaya Group to close several stores in Egypt over EGP devaluation

Kuwaiti brand franchise operator Alshaya Group has decided to close some of its stores in Egypt amid the current economic situation over the past three years and devaluation of the Egyptian pound, Asharq Business reported, citing a statement by the group. The group stated that it will close Debenhams stores in Egypt by the end of February, while an official at one of the major malls in Egypt said that the group had informed them of its final decision to completely close The Body Shop, Mothercare, and Pinkberry stores. However, other stores, including H&M, Victoria’s Secret, American Eagle, and Bath and Body Works will be closed partially. Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). Kuwait’s Alshaya Group to close several stores in Egypt over EGP devaluation