NAYPYITAW, 03 Septermber 2021, (TON): The German food wholesale company Metro has said that it will shutter its operations in Myanmar by the end of October, making it the latest multinational firm to flee the country since February’s coup.

The company said in an announcement “the economic framework and prospects for Metro’s professional customers have been hampered by the Covid-19 restrictions and have further deteriorated since early 2021.”

“This means that the conditions for a growing and profitable food wholesale business in the country are severely compromised.”

The exit means 131 employees will lose their jobs.  Metro said “it would assist these staff members in a responsible manner.”

Metro launched in Myanmar in 2019 and serves 7,500 business customers, from hotels and restaurants to catering services and shops. It operates a 5,900 square meter warehouse in the Thilawa industrial zone near Yangon.

The company’s Myanmar subsidiary, a joint venture with Yoma Strategic Holdings, received a $20m loan from the International Finance Corporation in 2019 to help it source produce from local farmers.