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Uchumi shuts stores for restocking, AGM called off

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Struggling Uchumi Supermarkets has shut down all its Nairobi stores for restocking. According to Chief Operating Officer Andrew Dixon, the outlets would reopen Thursday.

“Delighted to confirm our Uchumi stores will be re-stocked this week. To facilitate this our Nairobi stores will be closed on 13th Dec and reopened on 14th. We look forward to welcoming our customers back to Uchumi,” he wrote on Twitter.

The listed retail chain has been struggling financially, which has seen many suppliers shun doing business with it resulting in empty shelves.

The decision to shut down the stores comes days after Uchumi Supermarkets Chief Executive Officer Julius Kipngetich quit after unsuccessfully struggling to salvage its fortunes. It is not clear what arrangement it has put in place to restock its stores ahead of the festive season.

An Annual General Meeting (AGM), which had been scheduled for December 20 has, meanwhile, been postponed with the board saying the move is meant to allow for negotiations with a potential investor.

“Once the negotiations are concluded, a new day for the Annual General Meeting will be agreed and a formal Notice and the Agenda within the statutory notice period,” Company Secretary Enid Muriuki said in a notice to shareholders, adding the meeting will be held before 31st March 2018.

READ: Uproar as Kenyans reject Uhuru’s heroes list

Last week, Dixon had told loyal Uchumi Supermarkets customers to have faith as the supermarket chain planned to make a big comeback, adding that cynics should wait and see.

“Uchumi says all their Nairobi branches will remain closed today as they undergo restocking. Don’t know about you but I am looking forward to seeing the stocked shelves tomorrow and hopefully Uchumi getting back on its feet @UchumiKenya @Uchumi_COO,” Citizen TV business reporter Ann Mumbi Warui tweeted following Wednesday’s decision.

Uchumi Supermarkets has 14 outlets in Nairobi and its environs. They Uchumi Westlands, Uchumi Ngong Hyper, Uchumi Langata Hyper, Uchumi Capital Centre, Uchumi Sarit Centre Hyper, Uchumi Adams Arcade, Uchumi Buru Buru, Uchumi Jogoo Road, Uchumi Jipange, Uchumi Nairobi West, Uchumi Koinange, Uchumi Westlands, Uchumi Ongata Rongai and Uchumi Juja.

 

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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