South African retailer Shoprite will permanently close its Kenya operations next month after suffering a loss of Sh3.2 billion in the year to June. The retailer has notified Kenya Union of Commercial Food and Allied Workers that it will shut its head office in January ending its two years of operations in Kenya. The retailer […]
– Shoprite entered the Kenyan market in 2018 and planned on opening seven branches – COVID-19 , a struggling economy and stiff competition from fellow retailers have led to reduced sales – The retailer will officially exit the Kenyan market in January 2021, rendering thousands of employees jobless Pay Attention: Join TUKO.co.ke Telegram channel ! […]
After helping Kenya Airways secure close to Sh80 billion in loans, the government received only Sh1 million in director fees from the cash-strapped airline in the last financial year. But this lopsided relationship is not only with the national carrier, whose financial woes were aggravated by the Covid-19 pandemic. In the 2019-20 financial year, taxpayers’ […]
After helping Kenya Airways secure close to Sh80 billion in loans, the government received only Sh1 million in director fees from the cash-strapped airline in the last financial year. But this lopsided relationship is not only with the national carrier, whose financial woes were aggravated by the Covid-19 pandemic. In the 2019-20 financial year, taxpayers’ […]
Shoppers queue at the entrance of Naivas supermarket along Kenyatta Avenue, Nairobi. Kenya’s seemingly thriving retail sector has finally shown its true colours as a treacherous road to riches. Yet Naivas has chosen to dive straight into the deep end of the pool, opening one supermarket branch after another, at a time when its peers […]
After helping Kenya Airways secure close to Sh80 billion in loans, the government received only Sh1 million in director fees from the cash-strapped airline in the last financial year. But this lopsided relationship is not only with the national carrier, whose financial woes were aggravated by the Covid-19 pandemic. In the 2019-20 financial year, taxpayers’ […]
The High Court has saved the cash-strapped Uchumi Supermarkets’ assets from the auctioneer’s hammer over rent arrears. This is after the court found Townsville Holdings Ltd disobeyed an order barring any landlord from exercising any act of forfeiture, or even distress for rent without reference to or consent of the supervisor of the company or […]
Debt-ridden retail chain Uchumi Supermarkets Ltd has received a reprieve after the High Court issued orders preventing its landlord in Jogoo Nairobi from evicting it from the building. Justice Alfred Mabeya on Wednesday directed Townsville Holdings Limited not to “evict or harass the retail shop in any way whatsoever” until further orders of the court, […]
After helping Kenya Airways secure close to Sh80 billion in loans, the government received only Sh1 million in director fees from the cash-strapped airline in the last financial year. But this lopsided relationship is not only with the national carrier, whose financial woes were aggravated by the Covid-19 pandemic. In the 2019-20 financial year, taxpayers’ […]
Kenya’s supermarket sector has over the recent past faced numerous challenges. The figures paint a gloomy picture. In a short time, the branches have shrunk from 314 to 189, with big retailers such as Nakumatt, Tuskys and Uchumi the biggest losers. But it is not all gloom and doom as Naivas and Quickmart have capitalised […]
The value of investments can go down in value as well as up, so you could get back less than you invest. Past performance does not necessarily indicate a financial product’s future performance. This website aims to provide information to help you make your own informed decisions. Our publications, ratings and analysis should be viewed as an additional investment resource, not as your sole source of information. This website does not provide personal advice based on your circumstances. To obtain advice tailored to your situation, please contact a professional financial adviser.