Tuskys property faces auction
Business
By
Julius Chepkwony
| Aug 01, 2020
Items worth millions belonging to Tuskys Supermarket (above) will be sold through public auction.
In an advertisement in the dailies yesterday, Legacy Auctioneers announced that the items will be sold to recover over Sh12 million rent arrears owed to its client. “We have moved and secured some of the items and kept them at the basement,” said a source at the auctioneers who declined to be named.
The items include a generator, fridges, gas and electric cookers, blenders, television sets and other household items.
Empty shelves are what remain at most of the retail chain’s stores across the country, which employs more than 6,000 people.
READ MORE
Olympian Simader picked brand ambassador as smartphone brands fight for market share
Boost for importers, Treasury as shilling holds forex gains
New Nairobi Bill to regulate sale of alcohol
Smartphone brands push upgrades to protect market share
Inside Kenya's battle to wrap up China trade pact
Why dignity should be at the heart of Kenya's digital lending
Gulf Energy secures oil rig ahead of Lokichar project kick-off
Big win for Ruto as court clears path for sale of key State firms
The family-owned retailer as of August 2018 owned and operated 60 supermarkets in Kenya and Uganda.
According to documents seen by The Standard earlier this week, Tuskys needs a capital injection of Sh2 billion to stay afloat, some of it to settle supplier debts said to be over Sh1 billion.
Its current financial position may not support the business for long ahead of an expected deal with a strategic investor, the owners were told at a recent meeting.