Tusker mattresses to manage Nakumatt operations, says adminstrator

NAIROBI, KENYA: Newly appointed Nakumatt Holdings administrator Peter Kahi on Friday announced the appointment of Tusker Mattresses Limited as the new Managers for struggling regional retailer.

The appointment, effected ahead of a scheduled suppliers meeting next Wednesday, is subject to regulatory approvals earlier sought and will see Tusker Mattresses Ltd assuming the operations management aspects for Nakumatt as the firm’s recovery efforts gain steam.

Speaking when he confirmed the appointment, Kahi, said the Administration process will rely heavily on management expertise from the local retailer.

To ensure regulatory alignments, Kahi disclosed that the Administrator will also be placing a formal request to the Competition Authority of Kenya (CAK) seeking specific exemptions to enable Tusker Mattresses assume the operating Manager duties.

With the appointment, Tusker Mattresses will provide strategic management support and related retail operations back up to the Administrator under stringent performance terms and conditions.

“The success of the administration process, and ultimately turnaround of Nakumatt business, will be hinged on, among others, strategic retail stores management which we believe will be achieved through the appointment of Tusker Mattresses as an operating Manager,” Kahi said.

As an operating manager, Tusker Mattresses will provide specific technical services geared at avoiding further erosion on Nakumatt’s operating units.

Among other services, Tusker Mattresses will provide day to day management oversight, procurement, finance, inventory and human resource management under the Administrators supervision.

The recent High Court appointment of Mr. Kahi as the Nakumatt Holdings Administrator is geared at achieving a better result for the Company’s creditors which would have been impossible; had the Company been wound up.