Co-ops feel threatened; specter of bankruptcy is ‘staring in the eye’

This news has been read 6262 times!

KUWAIT CITY, April 21: The cooperative societies sector feels threatened following measures taken by the government to contain the spread of the corunavirus.

The specter of bankruptcy is ‘staring in the eye’ of a number of cooperative societies because they are forced to close doors during curfew, quarantine, prohibitions and legalizing operating hours.

Well-informed sources confirmed that this sector is in the process of requesting government support, which includes many exemptions, adding that the annual profit is 53 million dinars, out of which 23 million goes in rents and Zakat and 5% in the form of other deductions.

They said if this trend continues they will go bankrupt especially those co-ops whose sales have dropped considerably due to the restrictions imposed on the commercial activity.

This news has been read 6262 times!