Nakumatt has suffered another set back at the Garden City Mall following a 30-day eviction notice issued to them by the mall owners.
According to reports, the retailer chain had been told to vacate the mall by October 6 and as a result GC Retail is seeking a court order to repossess the space occupied by the anchor tenant.
Nakumatt is currently working with its rival retailer Tuskys Supermarket on a possible buyout which is yet to receive approval from the Competitions Authority of Kenya (CAK). The buyout would help the struggling retailer recover from heavy debts and restock its remaining outlets.
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The company has also filed an application to have a new administrator oversee the company until it can recover from its financial set backs.
According to Garden City Retail centre manager Edward Mugambi, Nakumatt has a outstanding debt of Sh48.1 million. The owners of the mall have also linked the retailers financial problems to the drop in the number of customers entering the mall.
Nakumatt which has been a tenant at the mall since July of 2016 is on the verge of being evicted from yet another branch. This follows their eviction from Thika Road Mall (TRM) and the Junction Mall earlier this year.
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