Uchumi CEO Julius Kipngetich [Photo/nation.co.ke]
An annual report conducted by Uchumi Supermarket has revealed that the retailer successfully managed to cut its losses to Sh1.7 billion in 2017.
The announcement highlights the progress made by the retailer chain after recording a Sh2.8 billion loss in 2016.
According to the company, they have initiated talks with an investor as it expects a Sh700 million loan from its shareholder(s).
Uchumi's CEO Julius Kipngetich says plans are underway to revive several stores across the country.
“New fund deployment plans are being established to re-stock stores, secure locations pf all our 20 branches, ERP systems enhancements, and management of the old supplier debt among other initiaves,” said Kipngetich.
The announcement comes just as Nakumatt's former chief marketing officer Dixon Andrew joins Uchumi and will now serve as the chief operating officer.
As the company continues to restructure itself it will be hoping to build on the progress made this year.