KUALA LUMPUR: Retailer Kamdar Group (M) Bhd said its outlets at Mid Valley Megamall here and SS2 in Petaling Jaya will be closed effective immediately.

In a filing with Bursa Malaysia yesterday, Kamdar said the tenancies have expired and it has decided not to renew them.

Also, the SS2 outlet was not profitable, it added.

“(As for) the Mid Valley branch, if we had renewed the tenancy at the increased rental rate, the store would no longer be profitable,” said Kamdar.

It noted that nevertheless, there will be no significant financial or operational effect on Kamdar upon the closure of the two outlets.

Kamdar shares were untraded yesterday. They last closed at 30 sen on Monday, for a market capitalisation of RM60.39 million.