Reuters - Financials

Kenya’s Uchumi supermarkets says closes loss-making Tanzania, Uganda units

Oct 14 Kenya’s Uchumi supermarkets has closed down its loss-making Tanzanian and Ugandan businesses as part of its turnaround plan, it said on Wednesday.

“Our outlets in Uganda and Tanzania make up only 4.75 percent of our operations yet they account for over 25 percent of our operating costs,” Chief Executive Julius Kipng’etich said in a statement.

“The two subsidiaries have not made any profit over the last five years, which means they have been draining the parent operations.” (Reporting by George Obulutsa, editing by Louise Heavens)

Reuters: Financials

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