Nakumatt has surrendered Galleria Mall, Kakamega-based Holden Investments (Holdent Mall), the Eldoret premises leased from Kenindia as well as its Karen Cross Road branch.
Peter Kahi, the retail chain’s administrator, further revealed that Nakumatt is in the process of surrendering South Coast Holdings (Diani Mall), Sabaki River (Malindi Mall), Nyali Plaza, Nairobi’s High Park Investments (Highpark Towers, Highridge) and High Port Limited outlets.
The retailer has in recent months been evicted from some of the malls, but has been fighting in court to re-enter them.
Troubled retailer Nakumatt has given up the fight to retain four of its outlets and opened handover talks with six others in a move that signals a further shrinking of the once vibrant supermarket chain.
Nakumatt on Thursday told High Court Judge Mary Kasango that it has surrendered Galleria Mall, Kakamega-based Holden Investments (Holdent Mall), the Eldoret premises leased from Kenindia as well as its Karen Cross Road branch.
“Pursuant to our last court appearance I am happy to announce Nakumatt has signed four surrenders,” Nakumatt told the High Court.
Peter Kahi, the retail chain’s administrator, further revealed that Nakumatt is in the process of surrendering South Coast Holdings (Diani Mall), Sabaki River (Malindi Mall), Nyali Plaza, Nairobi’s High Park Investments (Highpark Towers, Highridge) and High Port Limited outlets.
The supermarket chain has in recent months been evicted from some of the malls, but has been fighting in court to re-enter them.
The High Court in January allowed the appointment of an administrator to run Nakumatt’s affairs, a move that was seen to offer the retailer a lifeline after it threw into disarray the landlords, who were queuing to evict the supermarket.
Nakumatt on Thursday told the courts that the surrender of leased properties is informed by the quest to run a lean operation that can enable it to stay in business for mutual benefit of the creditors. Last month, the High Court gave Nakumatt two weeks to table a list of premises it intended to vacate after the administrator filed an application to surrender the properties.
The High Court was further informed that Nakumatt has signed consent with GC Retail owners of Garden Mall, and the lawyers representing the parties undertook to file the consent in court.
The administrator’s latest action marks a shift from his stand following his appointment to the position when he sought to stop landlords from evicting the retail chain or sought to be allowed back to premises it had been removed from arguing such actions were in breach of court orders.
The High Court last August issued orders restraining all creditors from auctioning Nakumatt’s assets or evicting the retail chaim from their premises, and subsequently followed it up with the grant of administration in January.
Mr Kahi told the court that failure to open the premises would render his effort to restructure and refinance the business useless leading to layoff of 6,720 employees across East Africa and leave all unsecured creditors empty handed.
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