A section of the Nakumatt TRM [PHOTO/tuko.co.ke]
With the continued financial turbulence experienced at Kenya's retailer Nakumatt Holdings, the supermarket has finally filed for bankruptcy.
Nakumatt proposed that Peter Kahi of PKF Consulting Limited be appointed administrator to help deal with their creditors.
The cash-strapped shoppers as well closed their 19-year old Kisumu branch on Mega Plaza as it continues to fight to remain afloat by cutting massive expenditure.
They on Monday closed doors at the only 24-hour supermarket located at a strategic place in the lakeside town, killing its ambitions to build a 24-hour economy.
The closure of the Nakumatt Nyanza comes just nine months after they expanded onto a bigger space after the expansion of its Mega Plaza premises into a mall.
The re-location came after the investment advisory company Dry Associates disclosed that the retailer had raised Sh500 via a short-term loan aimed at attracting a strategic investor.Workers at the store were hhanded letters asking them to report to their Nairobi head office to be advised on the way forward.