After more than a decade of trading, Hyperpanda is set to close in Dubai Festival City. Savola, the parent company of Hyperpanda, have reported its first quarterly loss of Dhs 944.1 million for the fourth quarter of 2016.
"Due to the rapid deceleration in grocery retail, the performance of these assets fell below forecasts and the inventory purchased in anticipation of these forecasts was high," it said in a filing. The Riyadh-based company said it would reconfigure its operating model in retail.
A customer representative has confirmed a clearance sale will be expected this week.