Tanzania, Dec 16 – It has been a rather greasy end for Kenyan supermarket chain Nakumatt, as they continue their series of closure. The business aura of great performance has been far from the norm, and it is a losing battle for the retailer.
The supermarket has now been left with an inch of hope for a lifeline after its last eviction in Moshi, Tanzania. The retail has been on notice for failing to pay its rent for close to 12 months and now has the last string of revival with a single outlet remaining.
The Kenyan supermarket has fell off its trail and now holds on to one outlet in its neighboring country that may not be long before it makes headlines.
On Friday, the supermarket was pushed to close its other branch due to its unknown arrears. For the record, this is the third retailer that has been shut down in the East African country. The only one remaining branch is in Dar es Salaam.
Nakumatt has had a devastating finish in the last couple of months and will be looking for new ways to get back on track. The heavy debt it has amounted has pushed it off the limits and fell off with its customers as well.
The Dar outlet was closed due to the supermarket falling short of expectations, not entirely filling the store. Arusha branch was as well closed on similar occasions that have rendered the family-business rather unproductive.
Nakumatt was expecting a six-week phased injection of Ksh7.7 billion ($74.6 million) from an unnamed private equity fund beginning March, but failure to secure the funding has caused widespread product stock outs and seen it delay employees’ pay.