Carrefour and Shoprite place their pawns in Kenya

Amid Kenya’s deep political crisis, the country’s biggest food retailer Nakumatt Holdings is struggling. The Nairobi-based family group, which owes suppliers and creditors US$490 million – the equivalent of its annual turnover – already closed 12 stores in Kenya, Uganda and Tanzania. Managed by the Shah family from India, Nakumatt was one of Kenya’s largest private companies. Between 2010 and 2017, it grew aggressively from 20 to more than 70 stores. The group is also discussing about a potenti