What you need to know: The supplier roll had not been verified. The number of goods claimed to have been supplied differed from what was on the shelves. CEO Jonathan Ciano’s wife was among Uchumi’s top suppliers and she was paid in full and on time despite inflating costs. Businessman Chris Kirubi was believed to […]
Tag: uchumi supermarket
South Africa’s Shoprite to close another store in Kenya, 115 jobs to go
By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country, a letter seen by Reuters shows and the company confirmed. In the letter, addressed to the Kenyan […]
Uchumi’s false start and fairy-tale run to profitability
Uchumi Supermarket rose twice from the jaws of death and, for the third time in two decades, is once again facing its demise under the weight of a Sh4.2 billion debt. Worse still, it has no assets to sell. At best, the 150 creditors have been asked to forfeit their Sh3.2 billion debt to Uchumi […]
Top 5 Gainers, Losers And Movers At The NSE On Wednesday
The top 5 gainers of the day at the Nairobi Securities Exchange on Wednesday were TPS Eastern Africa (Serena), Umeme, Sameer Africa, Bamburi Cement, and Nation Media Group. TPS Eastern Africa (Serena) gained 9.92 percent at the price of 14.40 shillings per share followed by Umeme with a gain of 9.88 percent at the price […]
Naivas gets Sh6bn for stake sale to private equity funds
A section of the Naivas Capital Centre outlet. PHOTO | SALATON NJAU | NMG Supermarket chain Naivas has raised Sh6 billion from the sale of a 30 per cent stake to a consortium of investors, including the International Finance Corporation (IFC), valuing the retailer at Sh20 billion. The amount paid in the deal, one of […]
South Africa’s Shoprite to close another store in Kenya, 115 jobs to go
By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country, a letter seen by Reuters shows and the company confirmed. In the letter, addressed to the Kenyan […]
Shoprite to close another store in Kenya, 115 jobs to go
Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country. Photo: File JOHANNESBURG – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening […]
Capital Markets: Inside Rwanda’s 10-year journey
Clare Akamanzi, the chief executive of Rwanda Development Board (centre), flanked by other officials, rings the bell as CIMERWA lists its shares on the Rwanda Stock Exchange on Monday, August 3. The cement manufacturer becomes the 10th company to trade on the local bourse. / Photo: Courtesy. Rwanda Stock Exchange staff during trading earlier this […]
Retailers’ woes call for change of tack
First, Uchumi Supermarkets shut its doors. It was closely followed by Nakumatt and now the walls are slowly closing in on the Tuskys Supermarket chain. The troubled retail market has seen jobs losses, pay cuts and reduced incomes amid desperate efforts to save cash. The current crisis brought about by Covid-19 has not helped the […]
Red alert as blue-chip firms lose shine at NSE
Like human beings, companies have their lifespan. Some may look like they will be around forever, but then some unforseen change comes about, and unable to cope, they die. Others shut down within hours or days of being born. While some stay on life support for an unusually long time, others make a surprise recovery. […]