In a statement, the retailer says the move is part of the implemention of the Company Voluntary Agreement (CVA), which has already received an approval from the
"The CVA which was approved by the
According to the CEO, the exact amount of supplier debt will be known once the verification process is completed.
As of
Uchumi says it will be using the agreement as its blueprint to return to profitability.
Mohamed said the agreement provides a proposed review of the restructuring of the current debt as well as the strategic overview of the business operations of the retail chain that has been undertaken by the Board and Management of
The consultants include Owen Koimburi who was appointed as the Supervisor on
Already, about 121 suppliers have agreed to the Agreement.
Copyright Capital FM. Distributed by AllAfrica Global Media (allAfrica.com)., source