Carrefour Kenya opens 10th store as Uchumi Supermarket revives Lang’ata Hub

KENYA – Dubai-based conglomerate Majid Al Futtaim (MAF) and the regional franchise holder of Carrefour has opened a new outlet in Nairobi’s Nextgen Mall, along Mombasa Road. The new store occupying 1,800 square feet, is the tenth for the retailer in Kenya, stepping up competition for retailers such as Naivas and Quickmart who are also in an expansion spree, reports Business Daily. “It’s finally here! The new Carrefour is now open at the Nextgen Mall. Bring your friends and family for the same quality products and unbeatable prices,” said the…

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Kenyan High court give Uchumi Supermarkets a node to implement its Company Voluntary Arrangement

KENYA – Kenyan retailer, Uchumi supermarket has been given a green light by the High Court to implement its Company Voluntary Arrangement (CVA) aimed to ensure its recovery by offsetting its debt. Justice Mary Kasango allowed implementation of the CVA on condition that Uchumi pays its Sh4.7 billion (US$4.4m) debts to over 100 suppliers within six months, and in turn, all money claims currently before court be suspended, reports Daily Nation. “In the event the company defaults…. A person may take steps to enforce a security over the company’s property…

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Uchumi Supermarkets receives US$6.39m write off in financial restructuring plan

KENYA – Kenyan retailer, Uchumi Supermarkets has been granted leeway by commercial banks who have agreed in principle to write off and restructure a debt settlement plan of outstanding credit owed by the Supermarket chain operator. The write off follows the lenders acceptance of the retailer’s company voluntary agreement (CVA), its recovery plan to return to normalcy and relieve pressure off Uchumi’s hard pressing repayment obligations. Uchumi was owing its creditors and suppliers over Sh3.9 billion (US$36 million) which is way above its assets Sh1.4billion (US$13m) as at June 30…

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Uchumi Supermarkets clinches US$25m deal under its recovery plan

KENYA – Kenyan retailer, Uchumi Supermarkets, has reached into an agreement with its suppliers to forfeit US$25 million (Ksh2.5bn) in arrears as part of a proposed recovery plan for the retailer. The agreement will however, see Uchumi pay US$11 million (Ksh1.1bn) of its liabilities as the deal represents 70 percent of the total US$36 million (Ksh3.6bn) owed to the suppliers for goods supplied. According to a Citizen report, the suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through…

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