Kenyan Retailer Nakumatt to Close as Creditors Back Liquidation

Creditors of Kenya’s Nakumatt supermarket chain, once East Africa’s biggest retailer, voted on Tuesday to wind it up after it was unable to pay debts following a failed rescue attempt, Reuters reported. Nakumatt expanded from a mattress shop in a rural town to a network of more than 60 branches before a cash crunch forced it to shut more than a dozen outlets in 2017 when it was unable to pay suppliers, landlords and other creditors. Poor management, rapid expansion and a flood and militant attack at two separate stores all hurt the chain, opening the door for foreign chains such as France’s Carrefour and South Africa’s Shoprite to enter the market. About 92% of creditors who voted backed the liquidation. Read more