Kenya's Nakumatt shuts three outlets in Uganda

Informer · 2017-07-01T14:58:31+00:00

The cash-strapped retailer shut stores at Acacia Mall in Kololo, Village Mall in Bugolobi and at Victoria Mall in Entebbe. "The supermarket space at these malls will go under redevelopment," said Knight Frank Uganda, the property manager, in a statement Saturday. In April, Nakumatt shut its Katwe branch after it accumulated rent arrears running into millions of shillings. Last month, the retailer said it would close poorly performing outlets in Uganda and Kenya. It has already closed two stores in Nairobi. The retail chain also has a presence in Tanzania and Rwanda. Nakumatt is struggling under huge debt estimated at $150 million with unsecured suppliers facing the problem of delayed payments. The supermarket is hoping to attract a deep-pocketed investor for a financial bailout.

Thread starter Informer
Start date Jul 1, 2017

Informer

JF-Expert Member

Jul 1, 2017

Mwifwa

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