Struggling supermarket chain, Tuskys, has been dealt yet another blow as it struggles to stay operational.
The High Court in Nairobi has given the cash-strapped retailer 45 days to clear arrears amounting to KSh248 million or face liquidation. Justice Francis Tuiyott said that Tuskys had gone mute on creditors and refused to arrange a meeting to discuss a debt repayment plan.
One of Tuskys’ suppliers, Hotpoint electronics, had moved to court to compel the retailer to clear its debts.
The supermarket is stil recovering from another blow after its staff took to the streets on Wednesday in Nairobi, Kisii, and Eldoret protesting a three-month salary delay. In addition, they lamented about the unfair and non-procedural declaration of redundancies announced in mid-September.
However, things have started to look better for Tuskys after it received a Ksh 2 billion from a Mauritius based Fund. Tuskys’ shareholders only approved the credit deal with the Mauritius Fund on Tuesday.
According to the Chief Executive Officer, Dan Githua, the proceeds will go towards paying rent arrears, salaries, and suppliers.
The retailer has permanently closed three stores so far this year with several outlets across Nairobi remaining temporarily closed for the better part of September due to rent arrear.
Kevin Namunwa - 1 month ago
Kevin Namunwa - 5 months ago
Kevin Namunwa - 1 week ago
Kevin Namunwa - 2 weeks ago