Nakumatt might have lied about its debt to the public as more insights now reveal that the retailer might be breathing its last breath of death on Kenyan and East African retail sector.
According to an article posts of the Business Daily, Nakumatt’s financial woes run as deep as 30 billion shillings and not 18 billion shillings as it had earlier been mentioned.
According to financial analysts, the current revelation makes it hard for Nakumatt to be bailed out as it had earlier been planned by the government.
“The retailer was just opening branch after branch by piling debt. It chose to grow at other people’s expense,” said a source within the government.
Nakumatt is said to be owing suppliers 15 billion shillings, banks 8 billion shillings and additional debts of 7 billion shillings.
