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Nakumatt founder Atul Shah says he lost at least Sh125 million following the demolition of Ukay Centre in Nairobi's Westlands area on Friday morning.
Atul, who watched the bulldozer flatten the building that housed Nakumatt Ukay said he had managed to salvage about 50 percent of his property. The former CEO said furniture worth about 125 million shillings was still inside by the time the structure was brought down.
The giant retail chain went into voluntary supervision earlier this year after seeking protection from its creditors.
Nakumatt, which grew from a mattress shop in Nakuru town to have branches across the country and East Africa, was forced to close more than 20 outlets in 2017 as it struggled to repay its suppliers, landlords and creditors. Peter Kahi is the supermarket's court-appointed administrator.
The multi-agency team overseeing the demolition exercise said Ukay Centre was built on riparian land. The team plans to demolish about 4,000 buildings sitting on wetlands or along the river in Nairobi in the next two months.
In June, it was reported that Shah would be probed over the loss of Sh18 billion worth of stock at the retail chain.