This archive report was first published on 14 August 2019.
On August 14, 2019, Nakumatt Holding's administrator Peter Kahi faced a daunting task ahead as he prepared to meet the retailer's creditors in September.
According to court filings, Nakumatt owes its suppliers, manufacturers, and landlords an estimated Sh40 billion, amounts that are unlikely to be paid off by the six branches currently in operation.
Mr. Kahi's task is to convince creditors, including the Kenyatta family, Chris Kirubi, Kimani Rugendo, and Linus Gitahi, that the once biggest retailer in the region can be saved from the brink.
As part of the recovery strategy, the firm announced the optimum restocking of its six key branches in Nairobi, Nakuru, and Kisumu, dubbed Nakumatt BounceBack.
However, creditors rejected the administrator's recovery strategy in a past meeting, with some proposing the winding up of the retailer, questioning the viability of the strategy.
Mr. Kahi, whose term was extended by the court for one year to January 2019, has overseen the shutdown of Nakumatt's poorly performing branches and embarked on restocking and opening of smaller-sized outlets.
At an upcoming creditors meeting, audit firm Parker Randall will present its report on Nakumatt's books for the year 2017 to 2019, revealing the firm's true financial health.
