Uchumi supermarkets Plc will hold creditors and members’ meeting virtually on Monday, 30th May 2022. This is according to a notice issued according to the Insolvency Act and Relations, dated 5th May 2022 and signed by the retailer’s CEO Mohammed Mohamed and CVA supervisor Owen Koimburi.
The agenda of this meeting will include an Address by the Board Chair and CEO of Uchumi supermarket, a presentation of Uchumi Supermarket PLC Statement of Affairs, an update on the Uchumi Supermarket Plc Assets Disposal, a Report of the CVA Supervisor and Voting on the way forward.
Financially troubled Uchumi Supermarket Plc is considered Kenya’s oldest supermarket chain. Its subsidiaries include Uchumi Supermarkets (Uganda) Limited, engaged in the operation of retail supermarket and Kasarani Mall Limited, involved in property management.
Some of the Company’s subsidiaries also include Uchumi Supermarkets (Tanzania) Limited and Uchumi Holdings Limited. Uchumi runs used to run stores in Nairobi, Karatina, Nakuru, Meru, Eldoret, Embu, Kericho and Kisii. Most of these stores remain closed as the retailer struggles to get back on its feet.
Uchumi Supermarkets Plc was placed closed down and was placed in receivership in June some 16 years ago after more than a three decades in operation.
The retailer was delisted from the Nairobi bourse after it failed to meet rules of the capital markets.
Uchumi’s financial woes worsened in 2015 after failing to pay suppliers forcing the company to opt for a credit management initiative and restructuring.
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