Tuskys takes over management of Nakumatt’s operations

KENYA - Nakumatt Holdings Administrator Peter Kahi has announced the appointment of Tusker Mattresses Limited as the new managers for the troubled retailer. Mr Kahi said in a statement Friday that the appointment, which is subject to regulatory approvals, will see Tuskys assuming operations management aspects for the troubled retailer. To that effect, Tuskys and…

Choppies builds US$200m war chest for branch expansion

KENYA - Botswana’s Choppies plans to open between 20 and 25 branches in Kenya, as it races to take advantage of the market gap created by woes facing Nakumatt and Uchumi. The retailer, which is largely a budget store with operations in seven African countries says it has Sh20 billion (US$200m) to pump into its expansion in Kenya in the next…

Tuskys faces probe over Nakumatt stocking plan

KENYA - The competition watchdog is investigating a deal in which supermarkets chain Tuskys is funding the restocking of troubled rival Nakumatt for possible breach of anti-trust regulations. Tuskys on Saturday announced that it had started restocking two of Nakumatt’s prime Nairobi outlets with the intention of including even more stores across the country. Sources…

Despite setbacks, Kenyan supermarket sector amongst best in Africa

KENYA - Kenya’s retail sector is still among the most attractive for long-term investors in sub-Saharan Africa despite cash flow challenges that have left giant Nakumatt Holdings on the brink of collapse, a new report has suggested. The interest is largely fuelled by the sector’s growth. It has outperformed the economy in the last five…

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…

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…

Nakumatt and Tuskys supermarkets sign merger deal

KENYA - Troubled Nakumatt Supermarket has turned to Tuskys in bid to rescue its dwindling business. The two retailers have signed a merger deal that will help revive Nakumatt whose shelves have been empty for a long time. Nakumatt, with retail stores in Kenya's major towns, will now access stock from suppliers using Tuskys supermarkets’…