Business Reporter
OK Zimbabwe, one of the country’s largest retail chains, has entered corporate rescue following a resolution passed by its board of directors.
The company is currently grappling with severe financial difficulties, marked by significant losses and store closures, compounded by a loss of confidence among creditors.
For the fiscal year ending 31 March 2025, OK Zimbabwe reported a staggering US$25 million net loss, a sharp downturn from previous profits. Revenue also plummeted by more than 52%, falling to approximately US$245 million, primarily due to a range of financial challenges.
A public notice issued by the company confirmed the board’s decision to initiate corporate rescue proceedings. According to the notice, the resolution was adopted on 23 February 2026, in line with Section 122 of the Insolvency Act, and appointed Mr. Bulisa Philimon Mbano as the Corporate Rescue Practitioner.
“The Board of Directors has resolved, as per the provisions of the Insolvency Act, to commence corporate rescue proceedings. Mr. Bulisa Philimon Mbano is appointed as the Corporate Rescue Practitioner,” the notice stated.
The resolution to start voluntary corporate rescue proceedings, as required by Section 122 (2)(b) of the Insolvency Act, was filed with both the Master of the High Court and the Registrar of Companies on 24 February 2026. The corporate rescue proceedings officially began on the same day, as outlined under Section 125 (1) (a)(i) of the Insolvency Act.
Additionally, the resolution to appoint Mr. Mbano as the Corporate Rescue Practitioner was filed with the relevant authorities on 25 February 2026, in accordance with Section 122 (4)(a) of the Insolvency Act.
OK Zimbabwe’s move to corporate rescue signals a critical phase for the retail giant as it seeks to restructure and regain financial stability.
