Nakumatt Closed More Branches

East Africa most populous Supermarket, Nakumatt Holdings has closed more branches in Uganda. The retail giant had sometimes last year admitted it was experiencing cash flow problem. Following suspected failure to secure finance from financiers to help it recover from debt.

Real estate consultancy firm Knight Frank has reportedly issued a statement saying the supermarket has vacated several spaces it had rented Nakumatt Holdings has been shutting down it shops in both Kenyan and Uganda blaming it on poor sales.

In a letter from real estate consultancy firm Knight Frank, the supermarket has now closed its Ugandan branches in Acacia Mall, Kololo, Village Mall, Bugolobi and Victoria mall. The supermarkets aims to shut down all poorly performing branches in Kenya and Uganda as it tries to get back on its feet.

“Like any other businesses in this market, Nakumatt has faced a number of unforeseen challenges. These challenges range from depressed economy, higher operating costs and extraneous factors including enhanced risk management due to prevailing security threats,” Atul Shah, the firm’s Managing Director said in a statement. He issued the statement following wild rumours that the retail giant was struggling to pay its suppliers because it had gone broke.

Majority of common household goods have been absent from their shelves as Kenyans continue to take to social media to complain of the same.

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