Assessing Success of Turnaround Strategies for Distressed Companies: A Case Study of UCHUMI Supermarket Ltd. Kenya
Journal Title: International Journal of Management Sciences - Year 2014, Vol 3, Issue 9
Abstract
Financial distress is a situation whereby a firm does not meet creditors’ obligations or are met with difficulties. Financial distress is evident in many companies in Kenya. It is a major concern to various stake holders who have interests in these companies. Public companies in Kenya face a number of governance problems and in particular financial problems. This affects the provision and management of their services. The study used descriptive research which involves examining the major strategies used to overcome financial distress in Uchumi supermarket. Managerial competence and corporate governance was considered to highly influence the success or failure of a firm with internal control systems and cost management following suit. The study also establishes that successful recovery of a company is not a function of a single strategy but is a combination various degrees four main restructuring activities.
Authors and Affiliations
Waita M. Gichaiya, Mwasa D. Ishmail, Chepkorir D. Kirui
Keywords
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