GARISSA—The family-owned supermarket chain, Naivas Supermarket said it has sold its outlet in Garissa to a local investor who showed interest in the business after the company indefinitely closed its first outlet in northern Kenya following the April Garissa University attack.
Naivas said it had sealed the deal with unknown investors from the area.
Naivas business development and marketing manager Willy Kimani, in an interview with the Business Daily, said he would not disclose the financial details of the transaction, saying he is bound by buyer-seller confidentiality.
“We have found a serious buyer who will push our brand in the area and we have already closed the transaction,” he said.
Naivas opened shop in Garissa July last year at a cost of sh 95 million in a bid to seize the markets not entered by its fierce competitors of Nakumatt, Uchumi and Tuskys. It was also planning to set up camp in Wajir, Mandera and Isiolo towns.
The retailer said it closed its outlet in Garissa citing security fears for its staff members.
“Naivas exit from the region and the subsequent suspension of more outlets strains its expansion strategy,” the paper reported
The new three branches were expected to employ 240 staff, with a capital injection of at least Sh270 million.
