Jarir closes Abu Dhabi showroom, loss estimated at SAR 1.7 mln

03/01/2022 Argaam

One of Jarir Marketing branches

Jarir Marketing Co. announced today, Jan. 3, the closure of its showroom in Nation Galleria Complex, Abu Dhabi, UAE, as of Dec. 31, 2021, according to a bourse filing.

 

The company attributed the closure to the showroom performance which continued to be below expectations and that it is unlikely that the performance will improve in the near future.

 

The financial impact resulting from the closure is immaterial. The direct closure loss is estimated at SAR 1.7 million, mainly comprising losses on termination of the lease contract and loss of the book value of some assets.

 

Such losses were recorded in the fourth quarter of 2021.

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