Nakumatt operates nine outlets in Uganda, but most of the shelves at Oasis Mall, Metroplex Mall, Mbarara Branch, and Bukoto Branch have largely been empty.
As social media continues to be littered with pictures of empty stalls at several Nakumatt outlets around, the Kenyan-founded supermarket chains, says it’s looking for an investor to buy a 25% stake in its struggling business.
Nakumatt operates nine outlets in Uganda, but most of the shelves at Oasis Mall, Metroplex Mall, Mbarara Branch, and Bukoto Branch have largely been empty.
One of Nakumatt’s directors, Neel Shah, told Kenya’s Business Daily newspaper that talks were in place to sell at least a quarter of the family-owned company.
This would help pay off bank loans and other debts. Nakumatt blamed a downturn in economic activity and high operating costs for its troubles.
On Thursday it responded to the social media posts by saying that “the business is solid despite transient challenges triggered by a harsh operating environment”.
Last year, Uchumi another Kenya-based supermarket closed its operations in Uganda, plunging unpaid suppliers into loss and protracted talks.
