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Tuskys Shareholder assures creditors of settling debts in coming months

NAIROBI, Kenya, Aug 22- Tusker Mattresses Limited Shareholder Stephen Mukuha has promised to ensure the full settlement of all debts owed by the company to various creditors as part of the firm’s recovery plan.

In an update to the firm’s suppliers and partners during the relaunch of the restocked Tuskys T-Mall hypermarket branch on Friday afternoon, Mukuha flanked by the firm’s chairman, Bernard Kahianyu made a passionate undertaking to ensure that all supplier debts are settled in the coming months.

While paying tribute to Tuskys Staff, Customers, Suppliers and other partners, Mukuha reiterated that TML shareholders have committed to deliver the firm out of its current challenges. He added that the shareholders have full confidence in the management and staff teams led by group CEO Mr Dan Githua to oversee the firm’s recovery.

“I promise you that for as long as I live, I shall ensure that all our debts to you are fully settled to the last coin,” he said at the event graced by BIDCO Africa Chairman Vimal Shah among other key Tuskys suppliers.

And added: “We are distressed and acutely disturbed at the turn of events but we have undertaken to ensure a full turnaround for the sake of our dedicated staff, esteemed suppliers, landlords, and other partners including our loyal customers.”

Speaking at the event, on behalf of other suppliers, Vimal Shah disclosed that Tuskys had maintained transparency and honesty in its engagements with its creditors. Such transparency, which he described as authenticity and integrity, had helped inspire supplier confidence to join the retailer’s trading platform, which is providing the recovery foundation.

“We have been in such challenges before with other players who were, however not honest and transparent. Tuskys management has continued to engage us transparently, and the adoption of the trading platform has allowed us to trust their recovery plan,” Shah said.

T-Mall Property Developer Stanley Thuo while calling for the incorporation of landlords in the trading portal confirmed that he will continue supporting Tuskys on its recovery journey. He implored other landlords to exercise restraint and avoid taking adverse decisions that could jeopardise the recovery momentum.

“As landlords, let us pursue a win-win approach that can support swift business recovery for our sake and that of all other stakeholders,” Thuo said.

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On his part, Tuskys Group CEO Dan Githua confirmed that the firm had managed to successfully on-board more than 186 suppliers on the new trading portal. Barely a month into its pilot run, the portal, he said has already generated three supplier payment cycles amounting to more than Kshs 700million.

“The portal development has continued in line with requests from suppliers. To date, we have handled 46 improvement requests. We are also working on the following improvements which we are keen to deliver by 31st August,” he said, adding that “Our Information Technology team is adding features requested by the suppliers including a dashboard to showcase accurate stock holding per store, for each Store Keeping Unit among other details.”

The retailer, he added will continue to relaunch stores as it progressively restocks.

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