Nakumatt is battling to cut back on huge debt owed to suppliers estimated at Sh15 billion as at February 2015, a situation that has been piling pressure on its operations.
Supermarket chain Nakumatt is closing its branch at NextGen Mall on Nairobi-Mombasa Road after nine months of operations.
The outlet, opened in December last year, targeted customers from the growing neighbourhood of South B, South C and Diamond Park estates. The retailer did not give reasons for the impending closure.
“Nakumatt NextGen store will be closed from Saturday, September 9, 2017 until further notice. We are sorry for the inconvenience caused. Please visit our nearest stores,” Nakumatt said in a notice on Thursday.
The store which sat on 60,000 square feet of space was Nakumatt’s 63rd store in East Africa at the time of its opening.
The retailer is battling to cut back on huge debt owed to suppliers estimated at Sh15 billion as at February 2015, a situation that has been piling pressure on its operations.
Nakumatt is banking on cash injection from a new strategic investor to address frequent stock outs at its outlets.
The company in May announced plans to close its poorly performing branches in Kenya and Uganda as part of cost-cutting measures aimed at saving the retailer Sh1.5 billion annually.
The first store to be shut down was the Haile Selassie Branch located at the Kenyatta University Plaza, Nairobi which was closed in May and the premises handed back to the university, which is the landlord.
The chain did not, however, disclose the total number of branches that will cease operations under the strategy.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
