Bankruptcy

Articles

• Morocco Loses $16.6 Billion to Illicit Financial Outflows, UN Report Reveals
  6 October 2020, by Bladi.net

  Illicit financial outflows from Morocco reached nearly $16.6 billion, or 155 billion Moroccan dirhams, between 2013-2014. This is according to a statement from a UN report published this week on the African continent.
  The report of the United Nations Conference on Trade and Development (UNCTAD) revealed that the African continent loses about $88.6 billion per year due to the illegal smuggling of funds and assets. This represents 3.7% of the gross domestic product.
  The problem of capital (…)

• Starbucks and H&M to Exit Morocco Amid Profitability Concerns
  1 December 2023, by Said

  Due to lack of profitability, the Starbucks and H&M chains will be leaving Morocco in the coming days. This has been decided by the Moroccan subsidiary of the Kuwaiti Al Shaya Group.
  According to Maroc Hebdo, the departure of the two international chains should take place before December 15, or in just two weeks. It is unclear whether the boycott launched a few weeks ago following the Israeli attack on Gaza is the cause, but it is said to have severely impacted many brands in Morocco, (…)

• Jumia Food Exits Morocco as Food Delivery Service Shuts Down Across Markets
  14 December 2023, by Said

  Moroccans who were used to ordering through Jumia Food will now have to turn to a competitor. The company has just announced the end of its service in Morocco.
  "Following a strategic evaluation of Jumia Food, the company has determined that its Food Delivery business is not suited to the current operating environment and macroeconomic conditions. Its operations will be discontinued in all markets by the end of December 2023," Jumia announced in a press release.
  "The food delivery (…)

• Morocco Sets Up Crisis Cell to Handle Thomas Cook Bankruptcy Fallout
  25 September 2019, by Sylvanus

  Upon the announcement of the bankruptcy of Thomas Cook, Morocco, through its Ministry of Tourism, immediately set up a crisis cell to monitor and supervise the repatriation of thousands of the tour operator’s clients. In total, 600,000 clients must be repatriated worldwide, including 150,000 British tourists.
  The bankruptcy of Europe’s oldest Tour Operator, Thomas Cook, is also affecting Morocco. Realizing the situation, the Moroccan Ministry of Tourism set up a Crisis Cell on Monday, (…)

• Lexmark Shuts Down African Subsidiary Amid Cost-Cutting Measures
  30 August 2019, by Sylvanus

  After 11 years of existence, Lexmark International has just ended its activities in Morocco. Officially, it is a question of rationalizing costs, losing the market and budget cuts.
  IBM’s former "Printing" division, which became independent in 1991 due to a spin-off operation on the New York Stock Exchange, has proceeded to liquidate its subsidiary, Lexmark International Africa, reports Challenge. This is an entity created 11 years ago to oversee its commercial operations in Africa and the (…)

• Morocco Tourism Sector Stable Despite Thomas Cook Bankruptcy
  25 September 2019, by Ginette

  The British travel agency Thomas Cook has seen its market share in Morocco shrink year after year, in favor of new entrants, particularly online tour operators, until its operations were effectively halted on Monday, September 23.
  According to Huffpost, this situation is likely to cause Morocco to lose a few thousand customers for this year 2019. According to information received from the Moroccan office, the site specifies that, for the time being, the British company created in 1841 had (…)

• Moroccan Hotels Face $20 Million Loss After Thomas Cook Collapse
  27 September 2019, by Bladi.net

  More than 200 million dirhams in unpaid bills remain following the bankruptcy of the British tour operator Thomas Cook, according to a statement from the National Confederation of Tourism (CNT).
  Bad news for Moroccan tourism. This situation affecting the Moroccan tourism sector is unprecedented. According to the words of the president of the CNT, reported by the news agency Reuters, this bankruptcy will also cost the kingdom about 100,000 tourists. Deploring the lack of any pre-negotiated (…)

• Thomas Cook Collapse: Morocco Ensures 268 Stranded Tourists Complete Vacations in Agadir
  30 September 2019, by Sylvanus

  After the bankruptcy of the tour operator, Thomas Cook, the Moroccan National Tourist Office (ONMT) is pulling out all the stops to guarantee the end of stay for the 268 tourists in Agadir.
  Bankrupt Thomas Cook customers can breathe a sigh of relief. They will finish their stay "normally", assures Adel El Fakir, Director General of the Moroccan National Tourist Office (ONMT).
  "Only 268 Thomas Cook tourists are still in Agadir. The hoteliers in the capital of Souss have made a commitment (…)

• Moroccan Small Businesses Face Financial Crisis Over Unpaid Saudi Debts
  16 September 2019, by Kamal

  Several Moroccan very small enterprises (VSEs) are facing cash flow difficulties, following the refusal of payment by certain Saudi groups. They will have to pay royalties estimated at nearly 15 million dirhams to avoid late payment penalties and sanctions from the Commercial Court.
  According to Hespress, since 2017, Moroccan companies have been constantly demanding their due from companies belonging to Saudi businessmen, for real estate and tourism projects completed in 2016. Some have (…)

• Morocco’s Tourism Industry Reels from Thomas Cook Collapse
  24 September 2019, by Bladi.net

  In Morocco, the bankruptcy of the legendary tour operator (TO), Thomas Cook, is not without consequences for the many travel agencies and hoteliers. Proof of this, a crisis meeting was even held.
  The hotel industry is in difficulty. According to information gathered by the newspaper Le Matin, it is mainly Agadir and Marrakech that will suffer the most from this global crisis.
  The daily contacted several professionals who estimate that 60 to 80 hotels would be affected, particularly (…)