Tuskys to guarantee Sh3bn Nakumatt debt as part of merger deal

KENYA - The battle to save Nakumatt Supermarkets yesterday took a new turn after rival Tuskys offered to inject Sh650 million into the troubled retail chain and recurring payment guarantees of between Sh1.5 billion and Sh3 billion for the outstanding debt. The offer is subject to the Competition Authority of Kenya (CAK) approving a takeover…

Shoprite prepares Kenya entry to fill gaps left by Nakumatt

KENYA - Shoprite Holdings Ltd. is in talks to open its first stores in Kenya by filling retail space left empty by the struggling Nakumatt Holdings Ltd. chain. “We are currently in talks with some of the property owners, but nothing has been signed,” Shoprite director Gerhard Fritz said in an emailed response to questions. Africa’s…

Ex-Tesco exec steps down as Nakumatt Chief Marketing Officer

KENYA – The former executive of British retail giant Tesco, Andrew Dixon has left the troubled Nakumatt Supermarkets where he had served as Chief Marketing Officer since January. Andrew Dixon had been appointed as the chief marketing officer, at a crucial time as the retailer was preparing to complete an offloading transaction of 25% stake…

Carrefour takes Thika Road outlet after Nakumatt exit

KENYA - French retailer Carrefour will next month take over Nairobi’s Thika Road Mall (TRM) space vacated by struggling rival Nakumatt Holdings. This will be the third outlet for Carrefour, whose local franchise is held by Dubai-based conglomerate Majid Al Futtaim. The new store is expected to employ 200 people, raising the company’s staff count…

Nakumatt, Tuskys could list on stock exchange after merger

KENYA - Regional retailer Nakumatt and its competitor Tuskys could list on the Nairobi Securities Exchange (NSE) if their proposed merger is approved and they successfully execute their new business strategy for at least two years. A joint media announcement this week said that Tuskys, Kenya’s second largest retail chain, is coming to the rescue of…