NAKUMATT SIGNS MERGER DEAL WITH TUSKYS

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Nakumatt Supermarket has signed a deal with Tuskys in a bid to combat supply crisis. The merger will see Nakumatt access stock from suppliers using Tuskys supermarkets’ goodwill and value chain.
The position of Tuskys in the retail market will surely be strengthened as Nakumatt was it’s biggest competitor.
Nakumatt has been faced with financial woes that have seen stores shut down as customers are met with empty shelves.
The retailers financial problems have emerged from different challenges faced by the Supermarket, they had signed aagreement with the National social security fund to lease the whole building and lease to auxiliary clients who would benefit from the traffic brought by the supermarket however this deal came to a stand still when NSSf decided to close down part of the building in order to add more floors causing high paying tenants to vacate.
Nakumatt has also been faced shrinkage facilitated by unscrupulous employees who colluded with suppliers to pay for undelivered goods.
The Retailer had asked the government to help them out of the crisis as they blame the government for their troubles.
Atul Shah the managing director and his family have agreed to pledge its shares to the financiers for six years.
Tuskys will provide managers to provide leadership to Nakumatt but the brands will remain as they are currently.
It is yet to be confirmed how the merger will work with various cases filed against the retailer with suppliers asking for it to be wounded up.

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