Troubled retail chain Tuskys Supermarkets requires an immediate capital injection of Sh2 billion to stay afloat.
In shareholders meeting held last month, the family owners of the retailer were told that Tuskys current financial position is “very weak” and may not “support the business for much longer.”
This is ahead of an expected deal with a strategic investor after the seven shareholders agreed to sell off a majority stake to save the business – a process that it was revealed it could take up to 6 months.
DTB also agreed to extend Tuskys banking pending negotiations for investors’ capital injection. Yesterday, suppliers, landlords and staff also agreed to support the supermarket until it completes the deal with the strategic investor.
In the shareholders meeting, the siblings agreed to set aside their difference so as not to scare the investor.
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“Any matter that may have gone wrong or any financial mismanagement or misuse would be discussed in detail and whoever is responsible for such misdeeds will be dealt with as appropriate including in court of law,” said minutes from the meeting seen by The Standard.