A sense of nostalgia played out at the Thika Road Mall (TRM)
yesterday as workers moved the giant sculpture of an elephant from
Nakumatt’s entrance.
The departure of the “elephant”, a
distinguishing feature at the building in the last four years, has been
eminent since the financially troubled retailer closed its TRM branch
on Monday “to pave the way for stock taking”.
But when about 20 Nakumatt workers began to move the huge sculpture at about 2 p.m., most shoppers were caught unawares.
Some used mobile phones to record and share the motion on social media.
The
move marked an emotional exit of the iconic retailer from TRM, the
store which Nakumatt opened in 2013 as its 39th outlet to crown its
regional expansion drive.
“The elephant has been moved but I cannot say more than that now,” TRM chief operating officer, Bashir Dalvi, told the Business Daily in a telephone interview yesterday.
“By early next week I may be able to give an official statement about the move.”
Nakumatt Holdings has so far closed six branches, three of them in Kenya and another three in Uganda.
Nakumatt Holdings has so far closed six branches, three of them in Kenya and another three in Uganda.
For years the retailer had been the anchor tenant at TRM, occupying a shopping floor space of 80,000 square feet.
The branch targeted customers from the sprawling Roysambu, Zimmerman, Githurai, Kasarani, Kahawa and Ruaraka neighbourhoods.
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The
family-owned business is fighting to cut back on massive debts owed to
suppliers, estimated at Sh15 billion as at February 2015, a situation
that has been piling pressure on its operations.
The supermarket is banking on cash injection from a new strategic investor to address frequent stockouts at its outlets.
There
has been a proposed merger with Tuskys, which would see the two retail
chains operate under one management with the owner-families remaining
the principal shareholders after the transaction.
“The
two businesses will collapse into one. But before the eventual merger
there’s going to be a process of dealing with the liabilities,” said
Tuskys chief executive Dan Githua in an interview.
Despite
its troubles, Nakumatt still remains the largest retail outlet in Kenya
with 56 stores, followed closely by Tuskys Supermarket which has 54.
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