Astro Malaysia Holdings Bhd (AMH) today has announced that it will cease Go Shop after eight years of being in operation. It is revealed that the platform and its operator, Astro GS Shop Sdn Bhd, will permanently close its doors next week, effective 11 October 2023 onwards.
In a statement released today, AMH explained that both the group and its Korean joint venture partner GS Retail Co Ltd have decided to end Go Shop’s business due to the challenging economic landscape and changes in consumer shopping behaviour as a whole. Additionally, the move is also revealed to be part of a restructuring strategy that the former is currently carrying out, which includes the implementation of key cost-saving measures.
For the uninitiated, Astro GS Shop Sdn Bhd is a subsidiary of AMH through Astro Retail Ventures Sdn Bhd and its partner GS Retail Co Ltd. The joint venture saw the former holding 60% equity interest over the business while the latter held the remaining 40%.
“The decline in the home shopping business has been significant since the pandemic and its closure will ensure that resources are focused on businesses that can make the biggest difference to overall operations,” the group said in the statement. “Go Shop is not considered a material subsidiary of AMH and is not expected to have a material impact on total consolidated earnings per share, net assets per share or in preparation for the financial year ending 2024,” according to the statement.
The same announcement also saw Astro Malaysia Holdings Bhd thanking the Go Shop team for their passion and dedication to the platform. Similarly, it also thanked customers of the business for their continued support throughout the years.
(Source: Astro Awani)
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