Uchumi Supermarkets management has sighed a relief after its creditors agreed to forfeit 70pc of their total claims estimated at about Sh3.6 billion.
The decision was reached at the stakeholders meeting with the suppliers on 13th May.
Suppliers of cash-strapped Uchumi Supermarkets agree to forfeit 70pc of Sh3.6b owed to them by the retailer. pic.twitter.com/ShYAsWKHz5
— Radio Citizen (@RadioCitizenFM) May 13, 2019
The cash-strapped firm faced a lock-down in a land ownership dispute with the Kenya Defence Forces (KDF), which claimed ownership to a 20-acre prime parcel of land located in Kasarani, near the Thika Superhighway.
KDF has moved its equipment on the disputed land, creating a standoff with the troubled retailer.
Uchumi has been banking on selling the land to turn around its dwindling fortunes.
