Ugandans to lose jobs as Uchumi closes closes most outlets.


By Caroline Namanda

In the statement released by CEO, Mr Julius Kipng’etich, Uchumi will exit Uganda and Tanzania to stabilise its Kenyan operations. Uchumi has been employing over too people who are bond to lose their jobs not forgetting its suppliers who are losing market. “Our outlets in Uganda and Tanzania make up only 4.75% of our operations yet they account foe ober 25% of our operating costs. The two subsidiaries have not made any profits for the last five years, which means they are draining the parent operations, ” Mr Kipng’etich said.

  The CEO also said they have informed the Capital Markets Authority, the Nairobi Securities Exchange and other stakeholders of the decision and all stores in both markets are now closed and will be liquidated.