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Nakumatt: Another ailing Kenyan company
Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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Mike Ock wrote:obiero wrote:wukan wrote:obiero wrote:maka wrote:hardwood wrote:http://www.businessdailyafrica.com/corporate/Nakumatt-fights-to-stop-auctioneers-in-TRM-rent-war/539550-3997462-uyivd1z/index.html Quote:Retail chain Nakumatt’s troubles have deepened after one of its creditors, Thika Road Mall (TRM), attached large amounts of the supermarket’s goods and equipment seeking to recover Sh51 million in rent arrears.
TRM, through Moran Auctioneers, seized a number of Nakumatt’s assets, including six moving trucks, 400 customer trolleys, office furniture, ovens and other electrical appliances, forcing the retailer to rush to court for an order temporarily suspending the auction. Waah free fall... Rent lazima walipe.. Hope the court hears none of the nonsense Kifo cha nyani moment...TRM does not want to be caught up with Section 472 and 481 Quote:If a person (whether or not a landlord or person entitled to rent) has distrained on the property of the company during the three months immediately preceding the date of the liquidation order, that property, or the proceeds of its sale, is charged for the benefit of the company with the preferential debts of the company to the extent that the company's assets are for the time being insufficient to satisfy them. Quote:the creditor is not entitled to retain the benefit of the execution or attachment against the liquidator unless the creditor has completed the execution or attachment before the commencement of the liquidation Sad that this monkey is another victim of the interest rate cap it can't access credit to keep it running. Other monkey firms will go down with this monkey. Credit runs the economy, if Nakumatt of all companies is being denied credit, what about Simo wa carwash or Jane wa Abuja braids Let's not bring Jubilee into this matter. Nakumatt is where it is because of poor debt management. You want them to seek more debt to pay off bad debt? Business would become insolvent before the year is out. Where has Jubilee been mentioned??
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Kusadikika wrote:Woie!!! Auctioneers are crazy. What are they going to do with 11 packets of KCC Delight Yogurt and 400 shopping trolleys??
This is going to get ugly because I hear Nakumatt actually does not own anything in its stores. The inventory belongs to the suppliers who are paid after goods are sold. All shelves in the store and other tools of trade including I suspect the shopping trolleys and fridges are leased from third parties, premises are all rented so the only thing that Nakumatt owns is the name Nakumatt. As long as goods have been invoiced, they belong to Nakumatt, whether paid for or not. Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt... It's not an industry thing
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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KulaRaha wrote:Kusadikika wrote:Woie!!! Auctioneers are crazy. What are they going to do with 11 packets of KCC Delight Yogurt and 400 shopping trolleys??
This is going to get ugly because I hear Nakumatt actually does not own anything in its stores. The inventory belongs to the suppliers who are paid after goods are sold. All shelves in the store and other tools of trade including I suspect the shopping trolleys and fridges are leased from third parties, premises are all rented so the only thing that Nakumatt owns is the name Nakumatt. As long as goods have been invoiced, they belong to Nakumatt, whether paid for or not. It depends on the deal. There are suppliers who have consignment contracts. Goods belong to suppliers until sold. A sales report from Nakumatt is all you get from them Even restocking and stock level headache is yours. Send staff to check where you need replenishment
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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Lolest! wrote:Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt...
It's not an industry thing I said the future of retailing is Naivas. And Quickmatt. And chadarana. #Yaliyondwele_sipite. #GangaYajao
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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hardwood wrote:Lolest! wrote:Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt...
It's not an industry thing I said the future of retailing is Naivas. And Quickmatt. And chadarana. The Naivas guys should be careful.. Our economy won't support their expansion especially if the same is credit driven
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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obiero wrote:hardwood wrote:Lolest! wrote:Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt...
It's not an industry thing I said the future of retailing is Naivas. And Quickmatt. And chadarana. The Naivas guys should be careful.. Our economy won't support their expansion especially if the same is credit driven I remember when everyone was saying that they were trying to punch above their weight when they set up shop at westlands. And the rest is history. Naivas is the future.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Nakumatt woes is due to lack of credit Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Ericsson wrote:Nakumatt woes is due to lack of credit They need credit to pay rent? Life is short. Live passionately.
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Rank: Veteran Joined: 1/10/2015 Posts: 961 Location: Kenya
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Shopped at nakumatt yesterday but had to buy 2 nakumatt bags at 150 bob to carry my goods. They have no packaging at all. Wished I had gone elsewhere. Why are they so eager to implement the plastic ban before the due date? Ama ni cost saving? Do they expect me to be moving around with a "kiondo" to shop there? Wont be going back there any time soon. Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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What will you do after 28th Aug.when the ban on plastic bags takes effect? sqft wrote:Shopped at nakumatt yesterday but had to buy 2 nakumatt bags at 150 bob to carry my goods. They have no packaging at all. Wished I had gone elsewhere. Why are they so eager to implement the plastic ban before the due date? Ama ni cost saving? Do they expect me to be moving around with a "kiondo" to shop there? Wont be going back there any time soon.
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Rank: Veteran Joined: 1/10/2015 Posts: 961 Location: Kenya
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Chaka wrote:What will you do after 28th Aug.when the ban on plastic bags takes effect? sqft wrote:Shopped at nakumatt yesterday but had to buy 2 nakumatt bags at 150 bob to carry my goods. They have no packaging at all. Wished I had gone elsewhere. Why are they so eager to implement the plastic ban before the due date? Ama ni cost saving? Do they expect me to be moving around with a "kiondo" to shop there? Wont be going back there any time soon. They (nakumatt) should have been innovative and switched from plastic to paper bags. Otherwise before august 28th customers will shop where their goods are packed. After aug 28th i see supermarkets moving to paper bags, like was the case before plastics came into the picture.  Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow.
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Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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Chaka wrote:What will you do after 28th Aug.when the ban on plastic bags takes effect? sqft wrote:Shopped at nakumatt yesterday but had to buy 2 nakumatt bags at 150 bob to carry my goods. They have no packaging at all. Wished I had gone elsewhere. Why are they so eager to implement the plastic ban before the due date? Ama ni cost saving? Do they expect me to be moving around with a "kiondo" to shop there? Wont be going back there any time soon. The plastic ban is understandable - but I have been in the same predicament as @sqft here...I had some bulky items then as I approached the till I remembered I have to buy a bag. I didn't feel like forking out extra money that day so I returned most of the stuff, only bought 2 things which I could carry by hand. The effect in the short term is that people will get more organized with shopping, and have to learn to carry eco-friendly bags to the supermarket (or keep them about their person), because buying a 50/- bag every time for impromptu shopping is not sustainable. In-promptu shopping itself is likely to drop. Alternatively, the Supermarkets (are you listening Nakumatt?) can sell these bags at cost, making them a bit more affordable. I wouldn't buying a small bag for 20 to 30 bob every time.
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Rank: Veteran Joined: 1/10/2015 Posts: 961 Location: Kenya
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Interestingly, in Kigali Rwanda where there is a plastic paper ban, nakumatt branches there use paper bags. They should have just replicated what they do in rwanda here in Kenya. That would have given them a head start against other supermarkets. But instead they have chosen to inconvenience customers.  Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow.
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Rank: Member Joined: 5/21/2014 Posts: 184
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Ericsson wrote:Nakumatt woes is due to lack of credit Whatever things we are seeing seem to only be symptoms.... https://www.standardmedi...fter-receiving-sh80-000
I was really shocked when the chief marketing officer stated yesterday that the current woes are a cumulative effect of incidents like the demolition of the Thika Rd branch during the construction of the superhighway, the fire at Nakumatt Downtown, the Westgate Incident. Yaani the guy thinks the public is full of totally blind idiots. #Yaliyondwele_Sipite! There are too many opportunities all around. Open your eyes and maybe you'll spot one
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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actuarywahisa wrote:Ericsson wrote:Nakumatt woes is due to lack of credit Whatever things we are seeing seem to only be symptoms.... https://www.standardmedi...fter-receiving-sh80-000
I was really shocked when the chief marketing officer stated yesterday that the current woes are a cumulative effect of incidents like the demolition of the Thika Rd branch during the construction of the superhighway, the fire at Nakumatt Downtown, the Westgate Incident. Yaani the guy thinks the public is full of totally blind idiots. #Yaliyondwele_Sipite! That guy thinks we are nuts/foolish people. I one time told him Nakumatt is shutting branches and he denied that no branch will be closed. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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sqft wrote:Shopped at nakumatt yesterday but had to buy 2 nakumatt bags at 150 bob to carry my goods. They have no packaging at all. Wished I had gone elsewhere. Why are they so eager to implement the plastic ban before the due date? Ama ni cost saving? Do they expect me to be moving around with a "kiondo" to shop there? Wont be going back there any time soon. Have they re-stocked? for the bag issue customers will have to get used, how I wish they don't extend the ban,I had to push the cart to the parking and dump my shopping in the backseat, I was okay but the empty shelves were what made me stay away from Nakumatt, the packaging supplier pulled out because of non payment, add to that that he is facing the ban so he was not looking forward to supplying a broke nakumatt To Each His Own
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Rank: Member Joined: 2/20/2015 Posts: 467 Location: Nairobi
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kayhara wrote:sqft wrote:Shopped at nakumatt yesterday but had to buy 2 nakumatt bags at 150 bob to carry my goods. They have no packaging at all. Wished I had gone elsewhere. Why are they so eager to implement the plastic ban before the due date? Ama ni cost saving? Do they expect me to be moving around with a "kiondo" to shop there? Wont be going back there any time soon. Have they re-stocked? for the bag issue customers will have to get used, how I wish they don't extend the ban,I had to push the cart to the parking and dump my shopping in the backseat, I was okay but the empty shelves were what made me stay away from Nakumatt, the packaging supplier pulled out because of non payment, add to that that he is facing the ban so he was not looking forward to supplying a broke nakumatt I realised at the Nakumatt Village market till that i will not be getting my shopping packed into plastic bags/cartons and couldn't see how i would carry the shopping on my hands in a matatu so i shamelessly returned every single item to the shelf and left empty handed. Went to shop in a different supermarket. The premature plastic ban is surely costing them because for sure i am not going back.
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Rank: New-farer Joined: 6/24/2011 Posts: 49
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obiero wrote:hardwood wrote:Lolest! wrote:Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt...
It's not an industry thing I said the future of retailing is Naivas. And Quickmatt. And chadarana. The Naivas guys should be careful.. Our economy won't support their expansion especially if the same is credit driven I heard the CMO say the funds were sourced internally. He really emphasized on it. Proverbs 4:23
[23]Keep thy heart with all diligence; for out of it are the issues of life.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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kawambui wrote:obiero wrote:hardwood wrote:Lolest! wrote:Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt...
It's not an industry thing I said the future of retailing is Naivas. And Quickmatt. And chadarana. The Naivas guys should be careful.. Our economy won't support their expansion especially if the same is credit driven I heard the CMO say the funds were sourced internally. He really emphasized on it. You will be shocked when the cookie crumbles.... possunt quia posse videntur
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