But when they did, the once robust kings of the local retail sector left a trail of expensive tears and went down with more than Sh43 billion of suppliers’ money. The retail chains’ boards and banks have pulled the plugs on the struggling businesses and creditors can only watch and count their losses. Sell goods suppliers put on your shelves and remit their dues within 90 days. For Tuskys, suppliers’ dues were put into expansion plans that were not well-thought through. As for Uchumi, funds were also placed into overambitious expansion plans but employees, including managers, lined their pockets at the expense of the retailers, suppliers and employees.

Source: Daily Nation August 11, 2020 07:32 UTC