Retail chain Uchumi Supermarkets has finally found a buyer for its land in Kasarani, Nairobi and was expected to sign the final deal Tuesday, offering suppliers and creditors it owes millions of shillings some hope for a settlement.
Court filings show that the troubled retailer has entered into an agreement with Jewel Complex Limited to sell the land at Sh2.8 billion and that a Sh330 million deposit has already been paid.
Uchumi, which owes suppliers over Sh3.6 billion, has been banking on the sale of the land to turn around its fortunes but the money has been slow in coming because of challenging approval processes.
[Article source: The Business Daily, by Galgallo Fayo]
