Jarir Marketing Company announces the closure of its showroom at Palestine Street in Jeddah Governorate
14-May-2022
| ELEMENT LIST | EXPLANATION |
| Announcement Detail | Jarir Marketing Company announces the closure of its showroom located in Palestine Street in Jeddah Governorate, effective May 12, 2022. The reason for the closure is that the showroom, located within the neighborhoods which the authorities decided to clear as part of the slums removal works in Jeddah governorate. With regard to the company's sales and profits that the company will lose as a result of such closure, the company estimates the lost sales from the closure date until the end of this year at around SAR 80 million, while the lost profit for the same period is estimated at around SAR 7 million. It is expected that a portion of the lost sales and profits will be made up through the neighboring showrooms, but it is not currently possible to estimate such portion part in a reliable manner. |