Nakumatt Highridge branch.The retailer has moved to court to stop landlords from evicting it from their premises. [PHOTO/The Star]
Struggling retailer Nakumatt has moved to court seeking an injunction to stop landlords from evicting them.
They said the tough financial times they are going through should be understood since they arose from outside their control
Nakumatt CEO Atul Shah said their plight began after enactment of the law that severely restricted their ability to access key short-term to medium-term financing which they relied upon to meet its obligations to creditors.
“It therefore became necessary for Nakumatt to negotiate fresh terms with financial institutions and repayment with its creditors owing to these unforeseen circumstances,” Shah said.
A number of Nakumatt branches have closed down after supplies cut short their distribution chain over unsettled arrears.