Fitaihi Group to close 3 branches of retail subsidiary

Fitaihi Holding Group’s board of directors decided to close three retail branches of its subsidiary, Fitaihi Retail Co., the company said in a bourse filing on Sunday.

The closure of the following branches will be completed during the third quarter of 2020:

1- Fitaihi Center - Riyadh - Al-Sitteen Street

2- Fitaihi Showroom - Riyadh - Olaya Street

3- Le Panache Showroom - Jeddah - Saud Al-Faisal Street

The closure of the three branches comes in line with the strategic direction of Fitaihi Holding Group.

The company aims to restructure the group’s main sectors by focusing on the profitable segments and exiting unprofitable activities and retail branches, rationalizing spending, especially selling, marketing, general and administrative expenses. Additionally, it plans to diversify investments and optimally direct them to achieve a better return for investors.

The sales of the three branches represent 23% of the gross sales of the group, according to the latest annual audited consolidated financial statements.

The financial impact of these closures will be reflected in the company’s preliminary financial results for Q3 2020, the statement noted.