Nakumatt Holding shut down TRM branch on September 18,2017.The outlet is expected to close several of its poorly performing branches in Kenya after the being faced with by financial crisis. [PHOTO/the-star.co.ke]
Things continued to go south for struggling retailers Nakumatt after the High Court ordered that they serve all their 90 creditors with court documents in their insolvency case.
This comes after Nakumatt applied for an administration order in the same court earlier on Monday where they proposed appointment of Peter Kahi of PKF Consulting Limited as the independent administrator to serve in the interests of the creditors.
Nakumatt's move came after its creditors denied it a chance to table a fresh debt settlement plan in 60 days.
Tuskys Supermarket which expressed interest to acquire a 51 per cent stake at Nakumatt has offered to inject Sh650 million into the troubled shop and recur payment guarantees for the outstanding debt.