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Uchumi goes broke again after bailout cash runs out
Uchumi board chairperson Catherine Ngahu speaks at a press briefing after the retailer’s AGM at Ufungamano House in Nairobi March 29, 2018. She is with acting chief executive, Mohamed Mohamed. PHOTO | SALATON NJAU | NMG
Uchumi Supermarkets #ticker:UCHM has used all the Sh700 million bailout cash it received from the government in December, prompting it to seek the assistance of financial institutions to pay staff.
The retail chain, which has not paid salaries since December, on Thursday said it used the last tranche of the Sh1.8 billion bailout cash to restock its stores during the Christmas holidays and to partly pay rent and a portion of staff wages.
