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Tuskys woes deepen as Kisumu branch faces closure

KISUMU, Kenya, Aug 20- Tusker Mattresses Limited troubles continues to deepen after auctioneers shut the Kisumu branch over rent arrears worth millions of shillings.

An auctioneer familiar with the matter revealed that the retailer owes the landlord Sh26 million.

A visit to the site reveled that the supermarket closed on Wednesday night with security deployed to guard the premise. 

Workers were stranded as Victoria Blues Services Auctioneers locked the store and subletted shops following a public auction in a local daily.

In the public auction, the auctioneers has been given directive to sell all the goods in the shops to recover the money.

The move comes after it said it will restock its outlets to the tune of Sh1.2 billion, a move it says will revive its business.

Last month, Tuskys supermarket paid its suppliers Sh2.77 billion, to beat the deadline that was set by the Competition Authority of Kenya.

Competition Authority of Kenya had previously ordered Tuskys to submit a debt repayment plan for what it owed its suppliers for a period of more than 90 days where it was expected to pay while giving priority to distressed suppliers and those supplying Fast-Moving Consumer Goods.

Additionally, Tuskys was to give CAK records of all its debts and financial statements and records, sales forecasts, among others.

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