One of the Nakumatt branches. [Photo: Courtesy]Retail chain, Nakumatt Holdings, has denied reports that it intends to close down eight branches in Kenya.The outlet has advised its customers to ignore the 'erroneous and false rumors' on social media, suggesting the closure.In a statement, Monday, the directors of Nakumatt categorically confirmed that the company had no intentions of closing the stores, adding that some of them were the outlet's most popular branches.Nakumatt was reportedly planning to close Thika Road Mall (TRM), Embakasi, Garden City malls among others."We apologise for inconveniences or upset this malicious and erroneous commentary may have caused to any of our loyal customers," said Nakumatt Chief Marketing Officer, Andrew Dixon.Nakumatt has been facing financial crisis with a debt estimated to be Sh15 billion, a situation that forced the retailer chain to embark on an accelerated restructuring programme to cut operational costs by Sh1.5 billion annually.It has closed shop, on several poor performing branches in Kenya, Uganda and Rwanda, and at the same time, opened new shops, in selected 'performing' areas.

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