La***ords are frustrating Na***att’s turnaround strategy, with some resorting to disconnecting electricity in efforts to force the troubled retailer out of their premises.
Peter Kahi, the retailer’s court-appointed administrator, said in a new report that the la***ords were engaging in “operational disruptions”, with some refusing to give the retailer access to their premises despite ***********s to the contrary.
Mr Kahi said all Na***att branches needed to be fully operational if the retailer was to get back on its feet. The retailer currently has 17 branches open, with plans to re-open another six.
This might, **wever, be affected by the mall owners’ hardline stance as they seek to recover m***ions of sh***ings in unpaid rent.
“Some la***ords have resorted to actions that are det***ental to the turnaround plans,” said Kahi.
“City Mall has resorted to executing the defective ***********s to ransack the goods and throw them on the streets despite having been paid rent for February 2018. Ridgeways have resorted to switching off electricity… Galleria has resorted to operational disruptions… Cross Roads is also looking not positive to***ds reopening the branch.”
The retailer says 15 out of the 17 branches that are open are fully stocked while the rest are being restocked.
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“The company would be opening a further six branches once the la***ords hand them back to the company (for now they are in breach of the ***********s issued in January 2018 and the administrator is trying to get these back),” says the administrator in the report.
Kahi w*** today present the report to Na***att’s creditors, some of w** are likely to reject it outright due to the ******* proposals contained in it.
These include a grace period of three years before some of the creditors can start receiving payment, which w*** be staggered over a six-year period, with the last payment scheduled for 2026.
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