RPT-INSIGHT-Kenya's Nakumatt supermarket chain foiled by explosive growth [Reuters]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
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Source: Reuters
RPT-INSIGHT-Kenya's Nakumatt supermarket chain foiled by explosive growth | Reuters Reuters Staff 8 Min Read (Repeats with no changes to text.) * East Africa’s biggest supermarket chain * More than 30,000 jobs affected directly and indirectly * Suppliers also hurt badly * Outdated management, IT systems among factors seen to blame * Foreign chains see opportunity By Duncan Miriri NAIROBI, Nov 9 (Reuters) - The implosion of a family-owned Kenyan mattress shop that grew to become East Africa’s biggest supermarket chain is a cautionary tale about trying to grow too far, too fast to cash in on the rapid growth of the country’s middle class. Kenya’s High Court will rule on Nov. 16 on Nakumatt Supermarkets’ petition for protection from creditors to whom it owes more than $300 million. Thousands of jobs are at stake, and France’s Carrefour and South Africa’s Shoprite are already moving to fill the gap. It’s an ignominious fall - with more than 60 outlets and 1,500 suppliers, turnover at the
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