A Nakumatt retail shop. [PHOTO/the-star.co.ke]
Troubled Nakumatt Supermarket has signed a merging deal with competitors Tuskys in bid to salvage its dwindling fortunes.
The merger will help revive Nakumatt who have suffered a shortage in supplies for some time now.
Nakumatt will now access stock supply using Tuskys supermarkets’ goodwill and their value chain.
Tuskys will now provide managers to offer leadership although the brands will remain the same.According to the Star, Atul Shah and his family have agreed to pledge their shares to the financiers for a duration of six years.
"This is a home grown solution. The deal will allow Nakumatt access stock immediately and once it has stock then it can get the cash flows to remain afloat," said a source quoted by the Star.