File Photo of an Uchumi Supermarket outlet. Beleaguered retailer Uchumi Supermarkets has commenced a fresh audit of supplier bills as the chain moves to ring fence its court approved Company Voluntary Agreement (CVA). Uchumi requires all trade and services creditors to register their debt, accrued before March 2 this year, through an online portal. “The […]
Former Uchumi Head of Finance Chadwick Omondi Okumu Okumu has extensive retail experience having worked with Uchumi as its Head of Finance for eight years. Okumu has also previously served in various finance capacities at Reckitt Benchiser and Keroche Breweries. Okumu will be tasked with lifting Tuskys from the edge of the abyss following the […]
A Co-op Bank branch in Nairobi. FILE PHOTO | NMG Co-operative Bank of Kenya has offered an initial Sh1 billion for the purchase of a 90 percent stake in Jamii Bora Bank, according to disclosures by the small lender ahead of its July 1 shareholders meeting that will consider the proposed transaction. Jamii Bora’s current […]
Preference for the five biggest stocks traded at the Nairobi Securities Exchange #ticker:NSE (NSE) has climbed to a 12-year-high, new data has revealed, an indication of growing appetite by investors placing their hopes on only a limited number of counters. On the flip side, the trend also shows that investors are concentrating their risk. Statistics […]
Tuskys Supermarket seems to be headed to a crush and any attempts to try and stop it are hitting the rock. In the last few months, the once thriving retailer in Kenya has been ejected from various malls over failure to pay rent amounting to millions of shillings. “I never knew that a day shall […]
Africa’s largest retailer Shoprite Holdings on Tuesday said it plans to leave Kenya by closing or disposing of its remaining two stores in the year ahead, after only two years of operation in the East African country. According to the retailer, the decision to leave is due to the economic impact of coronavirus (COVID-19) even […]
Once a giant in East Africa’s retail sector, Uchumi Supermarkets is now a pale shadow of its former self. FILE PHOTO | TONNY OMONDI | NMG With another big retailer, Tuskys, teetering on the brink of collapse, stakeholders such as the Kenya Union of Commercial Food and Allied Workers (KUCFAW) are now calling for government […]
The official opening of Shoprite Supermarket outlet at the Garden City in Nairobi on March 21, 2019. PHOTO | DIANA NGILA | NMG Shoprite opened its first supermarket in Kenya at Westgate Mall, Nairobi, in December 2018. The decision to leave Kenya comes a month after Shoprite said it was considering reducing or selling all […]
Shoprite Holdings announced that it would leave the East African nation of Kenya after entering the market 2 years ago and will be closing 2 more stores. The company announced this on Tuesday, citing the Kenyan business has continued to underperform relative to the return requirements. This comes as Shoprite also announced it would reduce […]
Tuskys Ntinda branch in Kampala remains closed like all the other four branches of the Kenyan retail chain in the Ugandan capital. PHOTO | MORGAN MBABAZI | NMG Tuskys is on its deathbed, and its survival is entirely dependent on ongoing efforts to revive the erstwhile regional giant retail chain. The retailer has not paid […]
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