Business
Loss Making Sameer Africa To Lay Off Employees From February
The now loss making tyre distributor Sameer Africa has said the dangling firm is resolved to let go over 50 employees starting February 1. The firm cited tough economic times and unmatched market competition as the reasons behind the planned layoff.
The tyre distributor has been struggling to float on the since 2016 when it stopped local manufacturing of Yana Tyres and opted to outsource to Asia.
“Arising from the foregoing, the board of directors has resolved to restructure the company further by aligning the company operations to become more of a trading and distributorship outfit. It is therefore contemplated that approximately 52 employees drawn from both management and unionisable cadres will have their employment contracts terminated,” acting managing director Peter Gitonga said in a notice to Nairobi County labour office.
In 2017, Sameer group laid off 168 workers from their then 288 workforce. The firm has been, since early 2018 been operating with less than 168 staff.
In August 2019, the firm sacked its CEO Simon Ngigi just a few months after he was appointed in October 2018.
Sameer Africa’s Chairman Erastus Mwongera has confirmed the notice.
“We have been restructuring since we changed the business model from manufacturing to retail. This comes with adjustments,” said Mr Mwongera.
Sameer broadened its net loss 15.8 times to Sh182.8 million in the first six months of 2019, with stock-outs and counterfeit products complicating its recovery effort.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
Why All Eyes Are On Gambling Authority CEO Peter Karimi As Kenya’s Betting Firms Race To Beat The June Licence Renewal Deadline
The Deal Behind Nairobi Animal Orphanage: Is This Really About Animals Or Billions In Prime Park Land
The Great Mogo Extraction: How a Latvian Fintech Built a Debt Trap for Kenya’s Most Vulnerable Borrowers and Got Away With It
Iran Launches Missiles At Israel For First Time Since Mideast Truce
MozzartBet Faces Licence Cancellation For Operations in Kenya Amid Tax Evasion, Money Laundering Scandals As Rumours Swirl Of Sh100M Bribery To Evade Trap
Rogue Developers, Engineers, Architects and City Hall Officials Charged Over Deadly Manzil Towers Collapse
Kalonzo Unveils His 2027 Presidential Campaign Platform
Artur Margaryan of Kenya’s Infamous Artur Brothers Seeks Prime Minister’s Office in Armenia
Sonko Re-Elected Head of Party
US Denied Visas to Team Officials for World Cup – Iran
Cement, Cash and Courts: How the Hashu Dynasty Crushed the Ramji Brothers for Fourteen Years and Why the Walls Are Now Closing In
Why Ruto’s Favourite Candidate Adan Mohammed Could Be Locked Out of the KRA Top Job
Inside The Urban Planning Cartel That Owns Nairobi
LifeCare on the Brink: SHA Fraud, Stolen Wages, and the Rotten Empire Jayesh Saini Built
Este Medical Kenya Fights American’s Explosive Complaints
Safaricom’s Sh1.4 Billion Reckoning: How Kenya’s Most Profitable Company Stole a Man’s Idea and Got Caught
The Rot Inside Absa: How Bank Insiders Are Looting Nairobi’s Customers
Inside FAFSA Fraud: How Kenyan Cybercriminals Siphoned Millions from America’s Sh12 Billion Student Loan System
THE INSURER THAT TOOK YOUR PREMIUM AND FORGOT YOUR NAME: How ICEA Lion Left a Client Begging for Sh7.8 Million Across Four Months
Denial Under Duress: The Untold Collapse Threatening David Lagat’s DL Group’s Empire
-
Investigations3 days agoCement, Cash and Courts: How the Hashu Dynasty Crushed the Ramji Brothers for Fourteen Years and Why the Walls Are Now Closing In
-
Investigations2 days agoInside The Urban Planning Cartel That Owns Nairobi
-
Investigations2 weeks agoLifeCare on the Brink: SHA Fraud, Stolen Wages, and the Rotten Empire Jayesh Saini Built
-
News2 weeks agoEste Medical Kenya Fights American’s Explosive Complaints
-
Americas2 weeks agoInside FAFSA Fraud: How Kenyan Cybercriminals Siphoned Millions from America’s Sh12 Billion Student Loan System
-
Investigations7 days agoBetika Faces DCI Probe, Directors Arrest and License Revocation Over Massive 29.5 Million Safaricom Customers’ Data Breach
-
News1 week agoEight Students Arrested In Kenya After Suspected Deadly School Arson Attack
-
Investigations3 days agoFresh Move Launched to Remove Kenya Railways MD Mainga From Office After Awarding Sh817 Million Consultancy Contract