× Digital News Videos Health & Science Opinion Education Columnists Lifestyle Cartoons Moi Cabinets Kibaki Cabinets Arts & Culture Podcasts E-Paper Tributes Lifestyle & Entertainment Nairobian Entertainment Eve Woman TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

Tuskys in dire need of Sh2 billion

By Wainaina Wambu | July 29th 2020

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.

“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.

Share this story
Five men charged with stealing a billboard
They faced an alternative charge of being in possession of and handling stolen property.
Opening Ceremony: Kenya takes her pride of place as 2020 Tokyo Paralympic Games begin
Team Kenya Paralympics strolled majestically into the Tokyo Olympic Stadium led by captain Rodgers Kiprop and Powerlifter Hellen Wawira for the Openin