By Watchdog reporter
Nakumatt supermarket could be on its way out of operations in Uganda after the supermarket suffered the curse of its predecessor, Uchumi.
Recently, Nakumatt closed its branch on Muganzirwazza mall in Katwe as the retail chain failed to pay up its rent dues.
It turns out that most of its stores including the main one on Oasis mall has been suffocated, and it cannot pay up its suppliers.
Nakumatt is owned by a consortium of investors among them billionaire businessman Harun Mwau.
Atul Shah, the Managing director at Nakumatt admitted that the chain store is suffering from financial woes.
”Like any other business operating in this market, Nakumatt Holdings has faced a number of unforeseen business challenges. These challenges range from a depressed economy, higher operating costs and extraneous factors including enhanced risk management due to prevailing security threats among others,” said Atul Shah through a statement.
It is said that Nakumatt urgently requires over sh150 billion to fund its operations. It has 55 branches across East Africa.
“We have been actively engaging our suppliers to review current supply terms. We are also undertaking a management enhancement programme that involves recruiting and retaining qualified personnel to handle specialized units including commercial, supply chain, finance and marketing,” the statement further said.
Do you have a story in your community or an opinion to share with us: Email us at email@example.com