Friday, February 11, 2005
Uchumi Supermarkets restructuring
On Feb 9th, Uchumi closed 10 stores (including six stores in Nairobi) 580 staff have been put on 30-day notice to be laid off, and also four directors resigned. Over the last few years it has been unprofitable, but with each annual loss announcement, previous MD Thairu used to announce that Uchumi had reached rock-bottom and was on the up-swing. Uchumi will remain with 18 stores they hope to save Kshs. 200 million though the moves.