Uchumi has reached a deal with its Taj Mall branch landlord over Sh. 50 million rent arrears that would have seen its seized goods auctioned. In a statement to newsrooms, Uchumi announced that it had been allowed to sell the seized good in order to settle the rent arrears.
“Taj Mall has called off the auction of Uchumi Supermarket goods, which was scheduled for tomorrow (Wednesday) following an amicable settlement,” retailer said in a statement.
Taj Mall seized Uchumi’s stock and advertised their sale and appointed Moran Auctioneers as bailiffs to recover the debt.
“We have agreed that they reopen to clear the sale and will be giving us Sh975,000 every week to the end of June,” said Taj Mall proprietor Ramesh Gorasia in an interview with the Business Daily.