Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Debt-Ridden Tuskys in Deep Waters as Auctioneers Raid Store, Says Rescue Deal on Course

NAIROBI, Kenya, Sept 12 -Cash-strapped retailer Tusker Mattresses Limited, Tuskys, said Saturday that its Juja branch will continue to operate, a day after auctioneers raided the premise following a rent row. 

In a statement, the supermarket chain said the dispute is being resolved amicably with a promise to continue trading normally.

The row comes even as the retailer fired tens of its workers and closed some of its stores, among them the K-Mall outlet in Komarok.

Tuskys’ Chief Executive Dan Githua has attempted to shed some hope on the situation, saying the rescue funding it announced late August would indeed save the business.

On August 25, Tuskys indicated it had signed a term sheet that would see it receive Sh2 billion in new capital injection from an unnamed Mauritius-based fund.

“We assure you that the board is fully committed to the successful completion of the ongoing transaction and full recovery of the business, for the benefit of all stakeholders,” Githua said.

Tuskys owes in excess of Sh6 billion in debt to suppliers and other trading partners.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...