Nakumatt is under pressure over debts [Photo/The Standard]
Following the dispute between the Ndegwa family and the financially unstable retail chain Nakumatt Supermarket over the closure of its Junction Mall in Nairobi, the supermarket’s current financial situation has been revealed to the public.
The Ndegwa’s closed off the company from its Junction Mall premises claiming the supermarket has failed to pay debts.
After a year of verbal exchanges and disagreements the feud was finally brought to light and as a result the Ndegwa family made unwanted headlines.
“We have been having discussions with Nakumatt for about a year now. At some point, they owed us over Sh100 million in rent arrears but that now stands at between Sh50 million and Sh75 million,” a source close to the Ndegwa family told the Business Daily.
“If an anchor tenant at a shopping mall is not trading well, they negatively impact other tenants.”
Earlier this week the supermarket was able to secure a court injunction which mandated them to continue with their operations.
The retailer chain accused the owners of Junction Mall of acting in bad faith.