Dubai-based retailer, Marka’s shareholders, voted to liquidate the company following attempts to restructure the business and reverse accumulated losses over consecutive years.
Investors approved the motion during the company’s annual general meeting on May 15, Marka’s chairman Khalid bin Kalban confirmed to the media.
Marka has not made a profit since listing on the Dubai Financial Market (DFM) in 2014. It began a restructuring process in 2017, including selling stores and cutting operational costs. In 2018, Marka announced that it was considering all available options for capital restructuring and was seeking a strategic partner to invest in the company.
However, its first-quarter losses for 2019 widened further, standing at AED295.8 million for the first three months compared to AED242.7 million in the previous year, according to a regulatory filing in May.
Marka’s fashion, sports and food retailers include Lebanese restaurant Reem Al Bawadi and Italian ice cream shop Morelli’s Gelato among its brands.
The company has suffered consecutive quarterly losses since its IPO in 2014. Marka’s share price plummeted by 90% in 2018, as a result of the firm’s failure to stem its losses. It had its shares suspended in April 2018 by the Securities and Commodities Authority (SCA), pending disclosure of its restructuring plan.
Marka’s current board was brought in to oversee the company’s restructuring efforts.
Marka, headquartered in Dubai, is the UAE’s first publicly traded retail operator focusing exclusively on the Fashion, Hospitality and Sports segments.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BElevate engagement, experience and profitability to unlock retail growth
Marchon Eyewear’s ZEISS wins 2024 Red Dot “Best of the Best” Awards for VisionClip
/ 
The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
/ 
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
Regional eyewear retailer, eyewa has raised $100 million in its series C
Born in Senegal and raised in Lebanon, Leïa Khalaf’s journey to becoming
Softlogic Holdings PLC, one of Sri Lanka’s largest conglomerates, has a diverse
During her SOLOx session at the IMAGES RetailME Awards 2024, Mrunal Khimji,
bkry, one of Alserkal Avenue’s newest residents, goes beyond the cookie cutter
Following the successful launch of its flagship store in City Centre Deira,
Located at Kempinski Central Avenue, Zenon combines modern technology with luxurious dining,
Founded over 20 years ago by restaurateurs Alexey and Dmitry Vasilchuk, the
In what comes as a significant announcement, Middle East based eyewear majors
Founded in 2007 by Kim Thompson and Matt Toogood, UAE-based RAW Coffee
Abu Dhabi based retail company LIWA Trading Enterprises, a subsidiary of Al
Previous Article
