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Woolworths Plans to Close Nigeria Stores on High Costs

South African food-and-clothing retailer Woolworths Holdings Ltd. plans to close its three stores in Nigeria because of high rental costs, duties and difficulties with its supply chain.

“When an investment no longer generates viable returns, difficult decisions have to be made to contain costs,” Chief Executive Officer Ian Moir said in an e-mailed statement. “The Woolworths clothing and general-merchandise business in Nigeria has not been successful, despite several attempts to improve performance.”