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The chain has closed most of its supermarkets citing viability challenges and is now into clothing retailing.
An advert from the auctioneers said an assortment of equipment belonging to the group would go under the hammer.
Buscod managing director Mr Bambo Bambo said the enterprise had ventured into clothing retailing in partnership with Chinese investors.
“Through the partnership with Chinese investors, Buscod intends to open more than a 100 clothing retail outlets nationwide.
“We have noted that clothing retailing has a higher profit mark up in comparison to grocery retailing which has proved not to be as viable at present due to stiff competition from major established retailing outlets,” said Mr Bambo.
He said the clothing retail outlets would be supplying customers with high quality clothing sourced from within and outside the country.
He said the new business would trade under a new name.
“Through the venture we are absorbing most of our former workers which we had employed in our supermarkets although we can not accommodate all of them noting that some of them specialised in grocery retailing.
“We have noted that in the clothing sector, we will have the advantage of employing a less number of people in comparison to grocery retailing,” said Mr Bambo.
He said the group directors at Buscod were opportunists that strived on capitalising on market gaps that develop in the economy.
“We have already strategically occupied five of our recent premises where our closed supermarkets were located,” said Mr Bambo.
Buscod supermarket emerged at a time when traditional supermarkets were facing operating challenges that saw a number of them failing to stock basic commodities.
The re-imposition of duty on some imported commodities by the Government has crippled small supermarkets as most thrived on imported goods.
Bongani Ndlovu
Online Reporter