An Uchumi Supermarket branch. [Photo/the-star.co.ke]
Retail chain Uchumi Supermarkets is looking to fully settle all debts owed to its creditors, including suppliers by the end of March,2018.
According to company COO, Andrew Dixon, the firm’s financing position was set to improve considering that it had found a potential buyer and the process to dispose of some of its property was at an advanced stage.
“We are hopeful that the process to bring in the foreign investor aboard will take not more than 120 days beginning next year. During that period the investor will of course do the much needed due diligence and we are confident that they will come aboard given that our 19 branches are fully back to doing business,” said Mr Dixon.
Last week, Uchumi restocked 19 out of its 20 branches across the country with the intention of riding on the festive season to make a comeback in the challenging market.