The Utility Stores Corporation (USC) on Thursday formally closed operations across the country in line with the July 31 deadline established earlier this month to close the state-owned enterprise (SOE).
Established in 1971, USC was an SOE tasked with supplying essential commodities at subsidised rates, primarily targeting low-income households. It operated over 4,000 retail outlets nationwide.
According to a USC notification from the Ministry of Industries and Production, available with 24NewsHD TV Channel, the decision was taken in compliance with directives issued by Prime Minister Shehbaz Sharif on June 28 and a meeting of the board of directors earlier this month.
“All the sales and purchases at utility stores have been closed with effect from July 31, except shifting of stock from stores to warehouses and returned to vendors and handing-taking of stores’ inventories,” the notification reads, instructing strict compliance with the order.
Additionally, sales through the business-management suite Odoo have been permanently discontinued as of today, a second USC notification read.