Uchumi sale finally with us
The worst has now been confirmed. Uchumi assets will be sold, not as a going concern but on as is basis. This is according to ab advertisement appearing in the Daily Nation today. Its not clear what became of the court injuction reportedly sought by the suppliers last week. Probably they will go to court this week to stop the sale. But the law allows secured creditors (KCB and PTA banks).
posted by gathinga at
9:47 AM
2 Comments:
What's the difference between "being sold as a going concern" and "on as is basis."
Is it only assets being sold? What happens to the stock?
Is the property also up for sale. Do they ever include goodwill?
Sorry for too many questions :)
haha
going concern means the buyer will most likely continue to trade as Uchumi, inheriting all assets and liabilities.
on as is basis, means assets will be sold to buyer(s) who have no obligation of assuming the laibilities.
There has been reports that select stores are opening up briefly for shopers to clear perishsable items at bargain prices (am aware of nairobi west and aghakan walk). However, a court injuction is in force stopping sale of all assets...
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