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Uchumi FY15 Loss of Ksh. 3.42 Bn
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enyands
#111 Posted : Monday, May 23, 2016 4:43:06 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
Plimsoul wrote:
So all the pictures on social media were true? CEO confirms that revenues had collapsed to 200m a month. They were making over 1bn a month before!!!

This financial year's losses will be massive!

Uchumi Supermarkets is targeting a 40 per cent growth in sales by next month, as suppliers make a comeback from today in a deal reached on Friday.

"Chief executive Julius Kipng’etich said yesterday suppliers have started filling shelves at the retailer which has been operating on near-empty shelves, giving hope for recovery of the troubled retailer. “If they all come back, we expect by end of June sales will have grown to Sh300 million,” Kipng’etich told the Star on telephone. "

http://www.the-star.co.k...-supplier-deal_c1355444



Should Kipng'etich pull through and make uchumi back on it's feet then he will be the most respectable person in business in kenya .will be branded same group with karume. Should he fail then he will be a fallen hero or a bird with no wings to fly. I still have faith in him
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  | | Edit by moderator: Monday, May 23, 2016 5:43 PM | Reason: quote tags
VituVingiSana
#112 Posted : Monday, May 23, 2016 5:41:47 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
Kipngetich should have stayed at Ekwetee.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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enyands
#113 Posted : Monday, May 23, 2016 5:46:31 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
VituVingiSana wrote:
Kipngetich should have stayed at Ekwetee.


Thought so .feels he was set up for failure by someone .
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MaichBlack
#114 Posted : Monday, May 23, 2016 6:13:10 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,841
enyands wrote:
VituVingiSana wrote:
Kipngetich should have stayed at Ekwetee.


Thought so .feels he was set up for failure by someone .

He was blind sided!!! He is on record as saying that "they" didn't the situation was that worse!! He said an audit they conducted showed that the company was in a far worse situation than they earlier thought.

Hapa ni ulcers tupu. I am sure there are mornings he wakes up and wishes he was heading to Equity as opposed to Uchumi.

Working for a company in distress is no joke. Especially if you are in Management! People are looking at you to dream miracle solutions that don't exist!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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watesh
#115 Posted: : Monday, May 23, 2016 6:13:44 PM
Rank: Veteran

Joined: 8/10/2014
Posts: 992
Location: Kenya
[quote=Plimsoul]So all the pictures on social media were true? CEO confirms that revenues had collapsed to 200m a month. They were making over 1bn a month before!!!

This financial year's losses will be massive!

Uchumi Supermarkets is targeting a 40 per cent growth in sales by next month, as suppliers make a comeback from today in a deal reached on Friday.

"Chief executive Julius Kipng’etich said yesterday suppliers have started filling shelves at the retailer which has been operating on near-empty shelves, giving hope for recovery of the troubled retailer. “If they all come back, we expect by end of June sales will have grown to Sh300 million,” Kipng’etich told the Star on telephone. "

http://www.the-star.co.k...-supplier-deal_c1355444[/quote]
Now imagine the goodwill lost....some of their biggest stores are usually deserted on a weekend. Suppliers problem really hurt them. They lacked sooo many basic things and had sooooo much popcorn
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Plimsoul
#116 Posted : Monday, May 23, 2016 7:09:01 PM
Rank: Member

Joined: 3/3/2016
Posts: 132
enyands wrote:
VituVingiSana wrote:
Kipngetich should have stayed at Ekwetee.


Thought so .feels he was set up for failure by someone .


With all the equity already wiped out, another 4-5 billion loss, which seems to be how it did this year, means uchumi's already dead. He failed. It was terrible before, but he clearly mishandled suppliers.

I don't think he's getting hired by anyone in the private sector. Maybe run for a seat 2017 elections.
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MaichBlack
#117 Posted : Monday, May 23, 2016 8:00:08 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,841
Plimsoul wrote:
enyands wrote:
VituVingiSana wrote:
Kipngetich should have stayed at Ekwetee.


Thought so .feels he was set up for failure by someone .


With all the equity already wiped out, another 4-5 billion loss, which seems to be how it did this year, means uchumi's already dead. He failed. It was terrible before, but he clearly mishandled suppliers.

I don't think he's getting hired by anyone in the private sector. Maybe run for a seat 2017 elections.

He will be hired. He has a good track record. A smart person - and there are many out there - will definitely see his qualities. But unfortunately he might either have to wait, or will not be able to cherry pick where to work, or both!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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maka
#118 Posted : Tuesday, May 24, 2016 1:26:05 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
snipermnoma wrote:
maka wrote:
Just came across the AGREEMENT FOR RESTRUCTURING OF DEBT AND THE SUPPLY OF GOODS...how can i upload it for further discussion?


Try scribd.com or dochub.com use google docs or dropbox


There hope it opens properly...


https://www.scribd.com/d...3602363/Uchumi-Agreement
possunt quia posse videntur
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snipermnoma
#119 Posted : Friday, May 27, 2016 10:53:34 AM
Rank: Member

Joined: 1/3/2014
Posts: 257
maka wrote:
snipermnoma wrote:
[quote=maka]Just came across the AGREEMENT FOR RESTRUCTURING OF DEBT AND THE SUPPLY OF GOODS...how can i upload it for further discussion?


Try scribd.com or dochub.com use google docs or dropbox


There hope it opens properly...


https://www.scribd.com/d...602363/Uchumi-Agreement[/quote]

The way the agreement is structured, it guarantees that suppliers will get paid the old debt. So at least for them, there will be no bad debts to write off. This also means you are a preferred supplier going forward so harder for your competition to get in. Uchumi gets to remain open...not sure what else they get from this.

So it seems the suppliers fare off better than uchumi
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Ericsson
#120 Posted : Friday, May 27, 2016 11:15:35 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
If the government is giving Uchumi a loan to pay the suppliers I don't the issue of a strategic investor materialising.
Gava still wants to maintain a hold onto the company aka Mumias style
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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