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    Nakumatt Kicked Out Of Karen Waterfront Deal By South Africa’s ‘Game’

    Eva NyamburaBy Eva NyamburaNovember 22, 2017Updated:September 30, 2019No Comments2 Mins Read
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    game storeGame Africa, a South African retail chain will be opening its second outlet in Kenya at the multi billion Karen Waterfront in 2018.

    The retailer will be replacing a struggling Nakumatt as the mall’s anchor tenant.

    Game’s first outlet in Kenya was at the Garden City Mall where it is the mall’s second major anchor tenant.

    Game Africa is a fully-owned subsidiary of Massmart Holdings which in turn is 51 per cent owned by American retail giant, Walmart.

    Nakumatt has been faced with challenges and debts amounting to over Sh15 billion.  The retailer has been forced to close most of its outlets across Kenya, Uganda and Tanzania; the most recent closure being of Nakumatt Diani over rent arrears.

    Read: Car Dealers Forced To Sell Vehicles Cheaply As Political Uncertainty Grips Business

    The once East Africa’s thriving supermarkets chain was also kicked out of Thika Road Mall where it was the anchor tenant, and only recently replaced by CarreFour.

    The retailer is slowly making a come back after entering into a deal with Tuskys which is set to pump Sh650 million into Nakumatt and recurring payment guarantees of between Sh1.5 billion and Sh3 billion for the outstanding debt.

    The deal is yet to be approved by Competition Authority of Kenya.

    Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to Editor@kahawatungu.com

    Read Also  SHOCK!! Nakumatt Owes More than Ksh30 Billion and not Ksh18 Billion

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    Game Store Karen Waterfront Nakumatt
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    Eva Nyambura
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    Content creator at Kahawatungu.com | Passionate about telling the untold story. Lover of life, music and technology. Simplicity is KEY Email: Editor@Kahawatungu.com

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