A Uchumi Outlet in Nairobi. [Photo/standardmedia.co.ke]
The newly appointed acting Uchumi Supermarkets Chief Executive Officer (CEO) Mohamed Mohamed has said that the retailer has unveiled a new way on how it is going to raise the much needed sh7 billion for restocking.
Speaking to the Daily Nation in an interview on Saturday, Mr. Mohamed said that the state owned retailer has already received a willing buyer for the Kasarani land at sh3 billion.
“We have a willing buyer and we are closing in on a sh3billion land deal hoping it will help us bounce back,” Mohamed said as quoted by the Nation.
He said that the money is required to settle debts and restock their shelves in all their 20 outlets country wide.
“We hope to settle our liabilities and also use the money to refurbish our stores inorder to improve the retail environment,” Mohamed added.
In addition, the CEO praised immediate former Chief Executive, Julius Kipng’etich saying that he had set the foundation and had left the retail on its feet again.
“He laid the foundation, he left the plane on the runway and we are ready for takeoff,” Mohamed said.
The government this week had released the second trenche of the bail out worth 700 million to help in reviving the retailer.