Nakumatt owner counts at least Ksh.125m in losses

Written By: Marie Yambo
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Nakumatt owner Atul Shah Friday counted at least 125 million shillings in losses, following the demolition of Ukay Centre in Westlands, Nairobi County.

The former CEO, who witnessed the demolition of the building that housed the outlet, said he salvaged 50 percent of his property, noting that the furniture inside the building was worth 125 million shillings.

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Nakumatt went into voluntary supervision earlier this year after seeking protection from its creditors.

The retailer, which grew from a mattress shop in a rural town to have branches across Kenya and East Africa, was forced to shut more than a dozen outlets last year as it struggled to repay its suppliers, landlords and other creditors.

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The multi-agency team handling the demolition exercise says the goal is to clear illegal structures from river banks in Nairobi, a two-month exercise that will see 4,000 buildings demolished.

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