SACO announces closure of Hafar Al Batin store

01/12/2021 Argaam

SACO store

Saudi Company for Hardware (SACO) announced the closure of its store in Hafar Al Batin city, effective as of today, Dec. 1, according to a bourse filing.

 

The closure is due to the fact that the store operations did not produce the desired expectations, and it is unlikely that the results will improve in the near future. The store was opened on Sept. 17, 2017.

 

The financial impact of this closure is immaterial and will appear in the financial statements of the fourth quarter of 2021.

 

The company will continue opening new stores in new locations and geographic areas in the Kingdom.

 

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