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Sunday, October 25, 2020

Tuskys Ordered to Clear KSH 248 Million Arrears or Face Liquidation

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The High Court in Nairobi has given struggling supermarket chain, Tuskys, 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.

Hotpoint electronics had moved to court seeking to compel the retailer to clear the arrears. Other creditors that joined the suit include Brookside, Delight Limited, Vitaform, Greenspan Mall, Textplus Industries, Standard Group Plc, Kenblest, United Millers, and Rentco Africa.

Tuskys woes are far from over as its employees 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.

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.

On Tuesday, Tuskys shareholders approved the KSh2 billion credit deal with a Mauritius based fund. According to the Chief Executive Officer, Dan Githua, the proceeds will go towards paying rent arrears, salaries, and suppliers.

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