Tuskys Supermarkets is set to take over Nakumatt in a merger deal that is aimed at reviving the troubled retailer.
Nakumatt, will now access stock from suppliers using Tuskys supermarkets’ goodwill and value chain.
Tuskys will provide managers to offer leadership at Nakumatt while Nakumatt CEO Atul Shah and his family will pledge their shares for six years to the financiers of the deal.
“This is a home grown solution. The deal will allow Nakumatt access stock immediately and once it has stock then it can get the cash flows to remain afloat,” source revealed.
It is nonetheless understood that Nakumatt will retain its brand name.
Recently, Nakumatt closed down most of their outlets in the country due to accumulating debts.