Emerging reports indicate that troubled retailer Nakumatt Supermarket has filed for bankruptcy. According to a report appearing in The Standard newspaper, Nakumatt on Monday filed for bankruptcy and proposed that Peter Kahi of PKF Consulting Limited should be appointed as an administrator to help deal with creditors.
This came as it also emerged that rival Tuskys Supermarket which has been aiming at taking over Nakumatt was going to guarantee a Sh. 3.5 billion rescue debt.
In the same vein, Nakumatt on Monday closed its 19-year-old Nyanza branch.
The branch, situated in Kisumu was operating for 24 hours. This latest closure comes nine months after expanding onto a bigger space following expansion of its Mega Plaza premises into a mall. The re-location came after investment advisory firm Dry Associates disclosed that Nakumatt had raised Sh. 500 through a short- term loan, to attract a strategic investor.