Don’t write us off just yet, troubled Uchumi Supermarket says
Beleagured retailer Uchumi supermarket says it should not be written off just yet.
Speaking to Citizen Digital, Uchumi CEO Mohammed Ahmed says plans are on to liquidate over Ksh.3.2 billion in assets to offset its debts.
The retailer which is more than Ksh.5 billion in debt, wants to offset some of its assets to repay creditors.
“We have a lot of court cases with the creditors but we are planning to meet with them on a workable formula for both us and them,” Said Ahmed.
In the interim, the retailer says it is focusing on franchise to keep a float through royalties.
“This method will allow investors to do business while at the same time keep the Uchumi brand name alive,”
But despite the tough times it has gone through, the retailer says it should not be written off, not just yet.
“The market dynamics have changed over time, other retailers have come in but I believe we will still be impactful,” said Ahmed.
At the Nairobi Stock Exchange, Uchumi’s value is at its lowest, trading below 50cents, concerns the CEO says they are a live to and if shareholders approve, de-listing is an option.
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