Sanborns Closes Operations in Panama

The chain of department stores that had a branch in the Panamanian market, announced that since January 12 it stopped operating in the country.

Monday, January 13, 2020

The company made the announcement official on the morning of January 11, but in its publication broadcast on social networks, no further details were given of the reasons that motivated the chain to withdraw from Panama.

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The closure of the chain's only warehouse, whose branch was in Multiplaza, is a reality after 13 years of being in the Panamanian market.

According to the announcement, "... We want to thank you for your trust during all this time, but we regret to inform you that our store will be closed as of Sunday, January 12."

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Panamaamerica.com.pa reviews that "... Sanborns Group is now betting on Miniso until it reaches a total percentage of 33.27% of the capital stock of Miniso, which also has more than five branches in Panama. The Asian firm (Miniso) has a goal of opening another 200 stores in Mexico by 2023."

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