Nakumatt is officially dead! Founded in 1987, it is no more after its creditors unanimously voted to dissolve the once giant retailer.
The creditors including banks, suppliers and landlords are owed Sh38 billion.
The court will decide on the liquidator on January 17, marking the formal end of the Nakumatt brands.
The liquidation plan was presented by Peter Kahi, the court-appointed administrator of troubled retail chain, in the creditors’ only meeting on Tuesday.
“An attempted turnaround of the business would be very costly and the company is likely to be lossmaking for the better part of the turnaround window, implying that such a turnaround would need to be financed by additional debt to sustain operations before achieving breakeven,” Mr Kahi said last week.