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Nakumatt: Another ailing Kenyan company

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obiero		#281 Posted : Tuesday, July 04, 2017 7:04:43 AM
Rank: Elder Joined: 6/23/2009 Posts: 14,257 Location: nairobi		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??
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KulaRaha		#282 Posted : Tuesday, July 04, 2017 8:59:32 AM
Rank: Elder Joined: 7/26/2007 Posts: 6,514		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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Lolest!		#283 Posted : Tuesday, July 04, 2017 9:54:54 PM
Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma		Meanwhile Naivas opens a new branch at Ridgeways opposite Nakumatt Ridgeways without any debt... It's not an industry thing
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Lolest!		#284 Posted : Tuesday, July 04, 2017 9:58:00 PM
Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma		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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hardwood		#285 Posted : Tuesday, July 04, 2017 10:01:26 PM
Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay		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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obiero		#286 Posted : Tuesday, July 04, 2017 10:05:14 PM
Rank: Elder Joined: 6/23/2009 Posts: 14,257 Location: nairobi		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
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hardwood		#287 Posted : Tuesday, July 04, 2017 10:08:26 PM
Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay		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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Ericsson		#288 Posted : Tuesday, July 04, 2017 10:40:15 PM
Rank: Elder Joined: 12/4/2009 Posts: 10,811 Location: NAIROBI		Nakumatt woes is due to lack of credit Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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sparkly		#289 Posted : Wednesday, July 05, 2017 1:15:57 AM
Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi		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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sqft		#290 Posted : Wednesday, July 05, 2017 8:05:40 AM
Rank: Veteran Joined: 1/10/2015 Posts: 961 Location: Kenya		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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