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Three and a half years ago, Uchumi Supermarkets collapsed after a stint of incompetent steerage by its board and managers. As a result, the supermarket chain, once the pride of the post-Independence Africanisation process, hogged the limelight for the wrong reason.
Naturally, the supermarkets chain was de-listed from the Nairobi Stock Exchange and put under statutory management. With State aid, it has since made strides towards emerging from the collapse.
In fact, today, it has become a major competitor in the retail market, with an annual turnover of Sh8.2 billion and a pre-tax profit of Sh169 million.
The recovery process culminated in an announcement on …