Sources: KENNEDY KANGETHE: Capital FM Business Desk
Speaking to Capital FM Business King’ara says the Uchumi business needs stability rather than growth.
“I was hired for
growth, but the business doesn’t need growth right now, it needs stability
sooner rather than later,” King’ara said.
He said that the
government needs to pump in more money to the retailer with time being of
essence.
“It’s a ticking time
bomb, the sooner they reinvest in the business the better,” he explained.
The major issue
according to King’ara is suppliers not stocking goods due to debts the retailer
owes them.
He however has faith
in the current Chief Executive Julius Kipng’etich.
“Kipng’etich is doing
a good job. The suppliers were not being paid by the previous management,
though they are coming back, they are still finding it hard to supply, that’s
why the business needs government support,” he added.
...The move came months the firm closed its operations in Tanzania and Uganda in a reorganisation exercise intended to stop financial haemorrhaging...
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