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Nakumatt Dealt Another Blow Following The Closure Of Tanzania Outlet

Nakumatt

nakumattNakumatt is the center of attention again after reports of their Mlimani City Mall branch in Tanzania being closed on Monday morning.

According to the management of the mall the retailer chain has been shut down following failure to bring new goods and pay levies for the past year.

Nakumatt operations in Uganda and Kenya have also been greatly affected following reports of the closure of several of their key outlets.

Read: Toshiba Appoints Country Manager for Kenya as it Expands in the Region

The move to close a number of its outlets was aimed at cutting costs and saving the supermarket Sh 30 billion per year.

Almost a year ago Nakumatt Tanzania requested that the Fair Competition Commission (FCC), allow them to sell 51% of its stake to Ascent Investment Limited to help them finance operations and settle debts.

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Written by Kahawa Tungu

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