New OK Zimbabwe Board Fails To Save Retail Giant From Collapse – Eduzim News

By Business Reporter-Despite the appointment of a new board late last year, OK Zimbabwe Limited has formally entered corporate rescue proceedings, marking a dramatic turn for one of Zimbabwe’s oldest and largest supermarket chains.

Legal firm Wintertons confirmed in a notice dated 25 February 2026 that corporate rescue proceedings had commenced in terms of Sections 122(3)(a) and 122(4)(b) of the Insolvency Act (Chapter 6:09).

The resolution to voluntarily place the company under corporate rescue was adopted by the board on 23 February 2026, with the process taking effect on 24 February 2026 after the required documents were filed with the Master of the High Court and the Registrar of Companies.

Bulisa Phillimon Mbano has been appointed as the Corporate Rescue Practitioner and will oversee efforts to stabilise the struggling retailer.

The notice was circulated to all known affected persons, including creditors, employees, trade unions and shareholders, and was also published at the company’s registered office and on its website.

New Board Appointments

The corporate rescue comes barely two months after OK Zimbabwe announced the appointment of five new Non-Executive Directors on 12 December 2025, in a move widely seen as an attempt to steady the ship.

The newly appointed board members are:

• Charles Nkululeko Msipa (Non-Executive Director) – A seasoned lawyer and corporate leader with an MA in International Relations (Tufts University), LLM (University of Edinburgh), LLB and BL (UZ). He retired in April 2025 after a 20-year tenure as Managing Director of Schweppes Holdings Africa Limited. He is a past President of the Confederation of Zimbabwe Industries (CZI) and former Chairman of the Business Council for Sustainable Development Zimbabwe (BCSDZ).
• Tracey Mutaviri (Non-Executive Director) – MBA (Pennsylvania State University), BBS Hons (UZ). She has 39 years’ experience spanning academia and the private sector, including senior executive roles at PG Industries, Dairibord Holdings and Zimbabwe Sugar Sales. She previously served as Deputy Chair of the National Competitiveness Commission and is a Fellow of the Marketers Association of Zimbabwe (MAZ).
• Tawanda Masose (Non-Executive Director) – BCom Banking and Finance (Murdoch University, Western Australia). He serves as General Manager of Remoggo (Mauritius) PCC, overseeing investments across logistics, FMCG retail and wholesale, facilities management, property and agribusiness. He previously worked at Imara Corporate Finance and KPMG Zimbabwe.
• Brian Mabiza (Non-Executive Director) – Chartered Accountant (Zimbabwe), BAccSci (UNISA), Diploma in Applied Accountancy (UZ). With over 25 years’ experience, he held senior leadership roles at Deloitte Zimbabwe, Zambia and Central Africa. He currently serves as an Independent Non-Executive Director at Old Mutual Life Assurance Company.
• Everton Mlalazi (Non-Executive Director) – BSc Mathematics and Statistics (UZ), MA Development Studies (MSU), MBA (University of Gloucestershire). He is Founder and CEO of Yakha Bricks and Pavers and Founder-Executive Director of RHI Media, with experience in strategic business transformation and structured finance.

The appointments were intended to strengthen governance and provide strategic leadership amid deepening financial strain. However, the move has not prevented the retailer from seeking court protection.

Mounting Challenges

OK Zimbabwe has faced months of operational and financial turbulence. The retailer has battled:

• Acute foreign currency shortages
• Supply chain disruptions
• Declining consumer spending power
• Growing competition from informal traders and regional retail chains

Empty shelves in several branches and delayed payments to suppliers had already fuelled speculation about the company’s viability. Reports of ballooning debts and suppliers demanding upfront foreign currency payments further compounded the crisis.

Zimbabwe’s fragile macroeconomic environment — characterised by currency instability, high inflation and constrained liquidity — has intensified pressure on formal retailers.

What Corporate Rescue Means

Corporate rescue proceedings are designed to provide financially distressed companies with temporary protection from creditors while a recovery plan is developed.

The appointed practitioner will now assess the company’s financial position and propose a rescue plan for consideration by creditors and shareholders. If approved, the process could allow OK Zimbabwe to restructure its debts, streamline operations and continue trading.

However, failure to secure support for a rescue plan could ultimately result in liquidation.

For employees, suppliers and shareholders, the development signals a decisive and uncertain chapter for a retailer long regarded as a bellwether of Zimbabwe’s formal retail sector.

With corporate rescue now underway, attention shifts to whether the new board and the appointed practitioner can stabilise operations and prevent the collapse of one of the country’s most recognisable retail brands.

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