Tuskys Supermarket now risks being liquidated over its failure to reveal its secret investor amid wrangles with creditors, banks and landlords over Ksh.10 billion debt.
The struggling retailer has 30 days from November 26, 2021, to reveal the investor who pumped Ksh.2.1 billion last year amid a push by creditors for its liquidation.
This happens despite the supermarket in May this year having told the High Court that it would maintain the status quo on its investment, nine months after it entered into a financial deal with the investor.
Tuskys is at the centre of the financial crisis with creditors such as Hotpoint Appliances who are pushing for its liquidation. Hotpoint is demanding in excess of Ksh.1.2 billion.
Tuskys total debts, including bank loans, are in excess of Kshh10 billion.
In April this year, the retailer announced a 90 percent discount on its product in a clearance procedure at its flagship Tuskys T-Mall hypermarket location. It vacated the mall.
ILAM Fahari I-REIT, ICEA’s asset management arm posted a 51 percent loss in six months to June this year.
The revenue decline was attributed to the woes that Tuskys Supermarket has been facing in the recent past.
The closure of Greenspan Mall in Nairobi’s Eastlands, according to the asset management firm contributed highly to its profit loss.
So far, the retailer is remaining with just about 10 outlets in the country, including one in Nairobi’s Eastland, Buru Buru, from 53 outlets it had mounted countrywide.