- Add new comment
- 278 views
Nakumatt has shut down its Likoni Branch, the last remaining outlet of the region's once largest retailer in the city of Mombasa and the coast.
The struggling supermarket exited Likoni outlet following an order by the court in June to vacate the premises within 60 days.
The retailer chain was kicked out for failing to pay rent amounting to Sh107 million accumulated for more than 21 months to its landlord, Nova Holdings Ltd.
This comes months after Nakumatt was evicted from its upmarket Nyali City Mall branch in Mombasa in March, 2018 after it accrued Sh27.8 million in rent arrears.
Before it experienced financial meltdown under the weight of debts, Nakumatt was the largest retailer chain in the region with 64 outlets spread across Kenya, Uganda and Rwanda.
The firm now runs only six branches in Kenya, four in Nairobi while the other two are found in Nakuru and Kisumu.
In July, Nakumatt closed seven outlets in a new recovery plan after court- appointed administrator Peter Kahi took over the management of the company.
Comments
This is not about the owner, he's comfortable enough even without the big business. It's more about those who are dependent on the business, the now jobless workers, the tax man and even the parasites ( the bribeseeking government officials and the thieving employees). Nakumatt and Uchumi deaths have been hastened by employee theft and corruption as well as government predatory attitude. Big business must be encouraged and protected, the benefits extend beyond the comforts of the owners and everybody is poorer when they die. America relies on big business, is it any wonder that the world looks towards America for jobs,while the Kenya taxman is increasingly shaking down the mwananchi for more money to pay himself?
107 million ÷ 21 months = about 5 million a Month (may be including Late fees)? Man! I am going Property rentals! Wow!!!